Senator Rand Paul (R-Kentucky) has been working closely with President-elect Trump on repealing and replacing Obamacare.
The consensus among the Republican party is that solely repealing Obamacare is not enough — it needs to be replaced with new legislation.
Paul states that repealing the current Obamacare legislation needs to be done sooner rather than later. He believes it also needs to be replaced the same day that it is repealed. Paul states that his proposal is a combination of preexisting ideas from other bills while a few of the ideas included are new.
He overviews the main points of replacing Obamacare are to legalize the ability to buy inexpensive insurance, get rid of the Obamacare mandates, let any insurance products be sold, provide tax credits for health savings accounts, be able to buy insurance and let individuals come together as part of associations to expand the pool and lower the prices.
The main points of Senator Paul’s replacement of Obamacare:
- Encourage HSA’s with tax credits and unlimited deductions
- Expand access to insurance plans
- Repeal regulations on types of plans
- Fair tax treatment
The two less controversial parts of the legislation and what many say are benefits of Obamacare will stay in place.
The first being that young people can stay on their parents’ insurance plans until the age of 26. Paul says that this is part of the underlying Obamacare law, that is not being repealed, therefore it will remain in place.
The second being the preexisting conditions clause. By getting people into associations or “group plans” a person will be buying insurance through a big group instead of individually; therefore, they will be exempt from discrimination from preexisting conditions. This will fix the problem of individuals or small businesses being affected by the preexisting conditions clause.
(h/t Fox News)