There is a delayed vote on the new Senate healthcare bill, which would be used to repeal and replace the Affordable Care Act. Many senators have spoken out about their disapproval for certain legislations that would be passed under the new bill. While the bill is delayed, the Senate debates which legislative changes to make before going to a vote. Among some of the biggest changes to the bill that may pass the bill include Medicaid expansion, the defunding of Planned Parenting, and high-income taxes.
Changes to Medicaid Expansion
In particular, Medicaid expansion has been a key component of the Affordable Care Act. Medicaid is a joint federal-state program that provides health insurance for the poor, disabled, and elderly. The new health care bill will decrease funding for the expansion of Medicaid over a three-year period. Ultimately, it will cap the overall funding of Medicaid. The new bill would cut Medicaid spending by $772 billion, over the next decade, according to the Congressional Budget Office.
Planned Parenthood Defunding
A big problem with passing the new healthcare bill is the discussion of Planned Parenthood. The bill blocks the use of federal tax credits to purchase insurance plans that would provide coverage for abortions. For this reason, contingencies made by the bill would cut off many plans that also included coverage for abortion services. In keeping with the Hyde Amendment, the federal government does not put any spending towards abortions. The Hyde Amendment prevents the use of federal Medicaid funds on abortion services. Pro-life advocates argue that funds for Planned Parenthood free up money for abortions.
Most noteworthy, Senate Republicans are contemplating keeping one of the law’s taxes on high-income people. Afterward, the money collected would be used to combat the opioid epidemic. Additionally, the taxes act as incentives for people to establish tax-free savings accounts for medical expenses. Furthermore, GOP senators also commented stating they are considering “a proposal that would allow insurers to sell cheaper, less comprehensive health plans if they also offered at least one plan that complies with consumer protection standards like those in the Affordable Care Act.”
Because of these three issues, the voting on the new bill has been delayed until after the July 4 recess. Find more information here.
Since insurance is oftentimes overwhelmingly confusing, we want to shed light on this industry by answering YOUR questions. So if you have any questions or concerns, comment below and your question may be the topic of our next video!
For immediate assistance, call us toll-free at (844) 410-1320!