With all the votes counted and the election finally over, it is time to see where America is headed when it comes to the cost of healthcare and employee benefits. Like most Americans, you probably have many questions about what the future holds and how this election affects you.
So, how does a new President affect healthcare reform? Donald Trump has said many times how he plans to repeal the Affordable Care Act. We also know he is in favor of Consumer Driven Health Plans, and willing to consider other reforms if they serve to lower costs.
Will President-Elect Donald Trump be able to make these changes?
“With Donald Trump in the White House, we can expect that every element of Obamacare will be challenged,” says Mike Thompson, president and CEO of the National Alliance of Healthcare Purchaser Coalitions. (Employee Benefit News)
While a complete toss of the Affordable Care Act is unlikely, Trump and his fellow Republican supporters will find ways to alter the law in many ways to suit the American people.
According to an International Foundation of Employee Benefit Plan Survey, 41.2% support the repeal of the ACA, while 45.5% do not. At the end of the day, Trump will have to determine what is best for the American public. “Without a filibuster-proof Republican majority in the Senate, Democrats are sure to make every effort to block any proposal to fully repeal the ACA,” said Chatrane Birbal, senior advisor, government relations at the Society for Human Resource Management.
These election results have left everyone wondering what is in store for healthcare and employee benefits and looks like only time will tell. Fortunately, business owners already have access to CDHPs that serve to lower costs, such as Integrated HRA and 125 Cafeteria Plan. The question is how will Trump further enhance these types of plans to continue to lower healthcare costs? Until then, employers should proceed as planned, considering nothing will be implemented overnight – Obamacare is a prime example of that.