But major questions remain, mainly: Who will be responsible for these changes, and how will they get done?
Congress refuses to patch up the holes in Obamacare, according to a new Bloomberg report. But perhaps that’s for the best.
Despite their differing methods, both the Democratic and Republican parties agree that Obamacare cannot stay in its current form, The New York Times reported. This is because “for too many people, health plans in the individual insurance market are still too expensive and inaccessible.”
Even Pres. Barack Obama himself understands the Affordable Care Act needs to undergo changes, admitting in July that “more work to reform the healthcare system is necessary.”
“Too many Americans still strain to pay for their physician visits and prescriptions, cover their deductibles, or pay their monthly insurance bills; struggle to navigate a complex, sometimes bewildering system; and remain uninsured,” he wrote in The Journal of the American Medical Association.
So how would Hillary Clinton and Donald Trump improve on the already established Obamacare? According to The New York Times, Clinton, Obama, and nearly one-third of the Senate are proposing an additional “government-sponsored health plan,” also called “the public option.” Many Democrats also “favor a single-payer arrangement, which could take the form of Medicare for all,” according to The New York Times article.
On the opposite end, Trump and congressional Republicans are aiming for less government by “reducing federal regulation and requirements so insurance would cost less and no-frills options could proliferate,” The New York Times reported. For example, Trump would “encourage greater use of health savings accounts, allow insurance policies to be purchased across state lines and let people take tax deductions for insurance premium payments.”
In this case, change is good, because the current Obamacare form is riddled with failing insurers, rising premiums, and financial losses. “Most of the original 23 co-ops have failed, dumping more than 800,000 members back onto the ACA markets over the last two years,” according to a Bloomberg report. Also, three of the biggest health insurance companies, Aetna, Humana, and UnitedHealthcare, have pulled out of many ACA exchanges.
The good news is that it seems like measures will be taken to change Obamacare. But those changes will differ depending on what happens Nov. 8.
*Note: This news coverage does not equate to an endorsement of any candidate by NFIB.
Photo credit: Pete Souza for the White House