We know more about the Republican plan to reform national health care policy now that the Senate has released its ‘secret’ plan. These are a few things that are all but certain at this point:
- Obamacare will not be repealed or replaced. Both the House and Senate reform bills keep most features of the prior law in effect and actually expand on these provisions.
- Tax penalties associated with health plans will be removed.
- The poor will be hurt. Massive changes to Medicaid will hurt access to health care for the poor.
- The rich will benefit. The reform measures focus on huge tax cuts for high income individuals and businesses. The Republican proposals as written are more focused on these tax cuts than on reforming health care.
- The plan will change before passage. Both political parties want health care law reform this year but the currently proposed bills will need to be modified before passage.
There are still many more things we don’t know, but now we can finally put some financial planning strategies into motion to best prepare for the changes ahead.