Since the Congress's last attempt to repeal and replace Obamacare has failed, Trump announced that he would sign an executive order that may affect millions of people
To be exact Trump said:
"I'll probably be signing a very major executive order where people can go out, cross state lines, do lots of things and buy their own health care, and that will be probably signed next week," he told reporters Wednesday. "It's being finished now. It's going to cover a lot of territory and a lot of people. Millions of people."
His statement seemingly backs the health insurance reforms of the Senator Rand Paul of Kentucky, who wants insurers to be allowed to sell policies across state lines and for people to be able to form groups to buy coverage. In other words, insurers would be able to sell policies in multiple states but only have to adhere to the regulations of their home states. That way an insurer from a lightly regulated state, where policies may offer smaller benefits and lower premiums could market its plan in a highly regulated state, where premiums are higher. It is a concept that is very popular among Republicans and very unpopular among insurers, state regulators, and consumer advocates.
Supporters argue that selling across state lines would promote competition, increase consumer choice and reduce rates. Residents would have a wider array of plans to choose from that meet their health care needs and budget.
Opponents, however, say that it would split the market so that healthier folks would flock to the skinnier plans, while the sick would stay in the more comprehensive plans, pushing up their rates even more. Or, sicker Americans would flock to the states that require insurers to provide more services, jacking up premiums there.
It is doubtful that Trump could change state insurance rules with his executive order as health insurance is regulated on a state level, according to federal law.
Whatever the case may be, The Affordable Care Act remains the law of the land for now and will be the regulations applied to Open Enrollment 2018. If you have any questions regarding the current health laws and are confused about your own health insurance call Cosmo Insurance Agency today. Open Enollment 2018 is coming up soon, November 1, 2017, so be prepared and call Cosmo today!