I’m going to touch upon a few things with some educated guessing since at this point we have no information on any strategy for changing the healthcare system, including the Affordable Healthcare Act (aka. Obamacare).
Big Pharma may be big winners in this election. There is a good chance regulation will decrease which means drugs will be pushed through the regulatory process. There is also a very good chance your medications will get more expensive Obamacare will be directly targeted for dismantling. At this point, the federal government has some impact on what drug makers charge (at least for Medicare, Tricare and Medicaid clients). There is a very real fear that whenever there is a conflict between industry and clients/customers, the Trump administration may very well choose big business.
Affordable Health Care Act – Obamacare
This was one of Trump’s big targets and will likely be a focal point as the Trump administration sharpens its agenda in 2017. One big problem with Trump’s over simplistic promise to ‘get rid of Obamacare’ is that it took years and years to recalibrate and organize healthcare at the federal, state and corporate levels. Billions of dollars went into this law. Changing the law will take years and years and more billions. Insurance rates have gone up for many people and that hurts. But, the dismantling of Obamacare will likely have a dramatic and catastrophic effect on providers, clients and hospitals. The prediction at this point is that while the current system is experiencing growing pains, the replacement will likely compromise the little leverage we have over insurance companies meaning they will go back to charging whatever they want and having pre existing conditions the hallmark of how they keep people from needed care.
Mental Health Parity and Addiction Equity Act (MHPAEA)
The Mental Health Parity and Addiction Equity Act of 2008 (MHPAEA) is a federal law that generally prevents group health plans and health insurance issuers that provide mental health or substance use disorder benefits from imposing less favorable benefit limitations on those benefits than on medical benefits. With the Trump administration taking the reigns in a few months, there is the possibility the act could be dismantled in favor of insurance companies, most of which have fought, lied and deceived policyholders from the very beginning of the law in 2009. What this means for you: Insurers may no longer be required to pay for comparable level of mental health and substance abuse treatment as you have within your medical policy.
I will continue to monitor Trump policy changes and post again soon. Till then, take a deep breath, stock up on canned goods and sweep out your bomb shelter. We’re likely in for a wild ride.