The GOP Proposed Replacement Of The Affordable Care Act: The American Health Care Act.
The Ways and Means and Energy and Commerce—have released legislation that not only repeals the law, but replaces it with reforms President Trump laid out.
To help American’s pay for Health Insurance the American Health Care Act will offer tax credits to assist in buying Health Insurance. The tax credits will be determined by age and family size. ”
HOUSTON, TX, UNITED STATES, March 8, 2017 /EINPresswire.com/ -- The Ways and Means and Energy and Commerce—have released legislation that not only repeals the law, but replaces it with reforms President Trump laid out.— Patrick Mansfield
Tax Relief
The American Health Care Act promises to offer relief to some of the tax provisions in the ACA. The proposal will eliminate taxes on prescription drugs, over-the-counter medications, health-insurance premiums, and medical devices.
The GOP proposal will eliminate the “Mandate” for individuals and employers. Therefor you will not be penalized with a tax. To encourage people to buy coverage, the plan allows insurers to charge a 30 percent penalty to people who let their insurance lapse.
Preservation Of Key Elements In The ACA.
The GOP plan provides pre-existing coverage. Insures will have to provide Insurance penalty-free for those that have pre-existing health conditions.
Allowing dependents to stay on parent’s plan until age 26. This provision helps stabilize the market by putting healthier, younger people in the risk pool.
Replacing Subsidies With Tax Credits.
To help American’s pay for Health Insurance the American Health Care Act will offer tax credits to assist in buying Health Insurance. The tax credits will be determined by age and family size. Each year, low- and middle-income Americans will be eligible to receive between $2,000 and $14,000 to purchase health insurance, depending on how old you are and how big your family is. The tax credit will be phased out for individuals who make more than $75,000, and joint filers who earn more than $150,000.
Please Note: A Tax credit reduces a taxpayer’s liability. For example, if your tax liability was $3000 and you had a $2000 tax credit, your tax liability would be reduced to $1000.
Medicaid Reform
The American Health Care Act will give the states more control of money spent by proposing Per Capita Caps. This Would impose a cap on the funds that the federal government contributes to states for each Medicaid beneficiary.
The proposed American Health Care Act has many hurdles to pass before it would become law. There most certainly will be changes to this proposal as it goes through the formalities of Legislation. We will keep you updated on changes to the American Health Care Act.
Important Read:
Has America Reached The End Game In The For Profit Health Care Model.
Resources:
GOP House Health Act Summary.
By Patrick Mansfield | U.S. Gov Connect | The American Health Care Act
Patrick Mansfield
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