23 Things You Need to Know About the Republican Obamacare Replacement Bill
It's finally here. The long-awaited Republican replacement plan for the Affordable Care Act (ACA), which is best known as Obamacare, was released by House Republicans on Monday.
President Trump made repealing and replacing Obamacare a keynote of his campaign, so his victory in November, along with Republican lawmakers retaining control of both houses of Congress, began the countdown toward Obamacare's imminent demise.
In many respects, Obamacare did exactly what it was intended to do. It wound up allowing more than 20 million Americans who likely couldn't afford health coverage, or who were shut out of the system due to pre-existing conditions, the opportunity to be covered. Unfortunately, it also tied the hands of insurance companies, which found the ACA to be an unsustainable model.
With further ado, let's dive into the 23 important things you need to know about the Republican Obamacare replacement bill.
1. It immediately repeals the individual mandate
2. The Shared Responsibility Payment will go away
3. The employer mandate would be no more
4. The Advanced Premium Tax Credit will be repealed
5. Cost-sharing reductions, too
6. Medicaid expansion ends by 2020
7. Medicaid funding doled out on per-capita basis
8. Older adults could be charged more
9. Tax credits will be based on age
10. There's a high limit on tax credit phase-outs
11. Health savings account contribution limits will nearly double
12. Insurers can charge a 30% premium to previously uninsured members
13. The medical excise device tax would be axed
14. The NIIT will be repealed
15. The Medicare surtax will be gone
16. The prescription drug tax will be removed
17. The health insurance tax will be repealed
18. The 10 essential minimum benefits clause stays
19. No maximum lifetime benefits
20. Establishes the Patient and State Stability Fund
21. Pre-existing conditions mandate kept
22. Dependent coverage up to age 26 stays
23. The Cadillac tax comes back in 2025