January 21, 2017 marked inauguration day for our country. With this kind of transition comes opportunity, change, and anxiety. No issue is more prevalent in the national spotlight right now than health care, unleashing many questions about what could lie ahead under the new administration.
Here are a few common questions we hear from employers:
- What’s going to happen? Affordable Care Act (ACA) repeal? Replacement?
- What does the Trump Administration’s executive action ordering HHS and other departments to “ease the burden” of the ACA really mean?
- Will the employer and individual mandate go away?
- Am I going to lose my plan?
- How would this affect community rating?
- Should I alter my company’s financial strategy?
- How will this affect my employees and their families?
While there is no formal proposal on the table, there are some things that seem relatively certain, and others for which there are indicators of what may happen.
Because it has had bipartisan support even in the Obama administration, it is relatively certain that the Cadillac Tax will be repealed in 2017. The more universally popular eligibility and benefit mandates (such as dependent coverage to age 26, elimination of pre-existing condition exclusions, and preventive care coverage at 100%) are probably here to stay. It is also relatively certain that if the ACA were to be repealed, changes to employer sponsored health plans and the insurance market will be slow to take effect. There will be time to plan, strategize, and execute.
Stay involved in the conversation by checking out these resources:
- Read what may happen under President Trump in the FirstPerson blog, Trump and the ACA: Change Remains the Only Constant.
- Employee Benefit Advisor published a slideshow outlining President Trump’s stance on ten key issues related to healthcare benefits.
- Employee Benefit Advisor published this article by Craig Hasday about how “Trumpcare” is likely to change employee benefits.
The FirstPerson advisory and compliance teams closely monitor the legislative updates, so stay tuned for future blogs on any evolutions that occur in the benefits market. It’s definitely an exciting time to keep watch!