President Donald Trump has just announced a new health care proposal called “The Great Healthcare Plan,” which he asserted will lower prescription drug costs and lower insurance premiums, while also giving consumers a greater control over their health care spending, as reported by CNBC.
As Congress continues to debate how to handle increasing health care costs and the expiration of enhanced Affordable Care Act (ACA) subsidies, President Trump has declared The Great Healthcare Plan as a solution to these issues.
Potentially Lower Drug Prices
A central feature of The Great Healthcare Plan? Lowering drug prices by codifying President Trump’s “most favored nation” pricing deals, which would attach American prescription costs with lower prices paid in other countries. The Great Healthcare Plan would also expand access to various over-the-counter medications in order to encourage competition and reduce the need for doctor visits.
Learn More: 4 Everyday Expenses Trump Promised To Lower — Here’s What They Cost Now
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Sending Money Directly to Americans
Another significant component to The Great Healthcare Plan is in terms of how it would address growing insurance premiums.
The plan would discontinue large subsidy payments to insurance companies, and would instead send that money directly to Americans so that they could buy the insurance plan of their choice. Per the White House, redirecting subsidies and funding cost-sharing reduction programs would cut ACA premiums by more than 10%.
What The Great Healthcare Plan lacks, though, is a concrete implementation strategy, and it could disrupt the existing ACA marketplace without suitably protecting lower-income patients, per Reuters. Congressional approval of The Great Healthcare Plan remains highly uncertain, especially while the ongoing debate concerning the restoration of expanded ACA subsidies continues.
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This article originally appeared on GOBankingRates.com: Trump’s New Healthcare Plan Promises To Lower Drug Prices and Send You Money for Premiums
