Obamacare subsidies for seniors are coming soon
President Donald Trump has said he wants to eliminate the subsidies that help people buy health insurance through the Affordable Care Act, which he said in his inaugural address was a “disaster for middle-class families” and a “bombshell for America’s security.”
The President has also said he’s considering the option of cutting off payments to insurers that help them offer lower premiums.
On Thursday, the Department of Health and Human Services (HHS) announced that it was extending the subsidies to people in 2018, 2019, and 2020.
The agency said that the subsidies would end on Jan. 1, 2021, and it would start again next year.
The news comes amid a growing outcry from some Republicans over Trump’s decision to end subsidies for some low-income people.
“It is clear that the President’s action to end the health insurance subsidies is a disaster for middle class families,” House Ways and Means Committee Chairman Kevin Brady (R-TX) said in a statement Thursday.
“The Administration has not been forthcoming with information on the number of Americans who will lose their subsidies, the timing of this announcement, or what the impact will be on people who receive them.”
The move comes as a major shift in the way premiums are paid in the insurance marketplaces, which are managed by the states.
Under the Affordable Healthcare Act, the government provides subsidies to individuals and families to buy health coverage on the state exchanges.
The payments are based on age, income, and family size, but many people are eligible for them, particularly people with incomes up to about $150,000.
Trump said Thursday that he wants the subsidies “to be gone for good” and that the payments were a “fraud.”
But that plan was quickly rejected by several Republicans, including House Speaker Paul Ryan (R.
In an interview on Fox News’ “Hannity,” Ryan said that he is “not comfortable” with ending the subsidies for people with lower incomes, citing concerns about a “sluggish” market.
He added that he was also “not sure that people in those families who are making under 200,000 dollars a year should have to pay more.”
Brady and other Republicans are worried that if Trump moves to end them, he would be cutting off money that has been given to millions of people through the subsidies.
Brady said the White House is offering people who are eligible to receive subsidies an extra $2,500 per year for the next two years.
He said that people could use that extra money to buy private insurance through an exchange, but that it could “easily end up hurting people who were already paying too much.”
The Trump administration also announced Thursday that the IRS will begin requiring taxpayers to provide tax information to their insurance companies, but the move will not be retroactive.
The IRS said it is “prepared to adjust existing requirements for taxpayers that receive premium tax credits and other taxpayer assistance” in 2017, 2018, and 2019.
The move could make it harder for people to buy insurance on the ACA marketplaces if they have a pre-existing condition, which could have an impact on premiums.
The Trump Administration also said Thursday it will no longer provide federal money to states that have passed laws to limit or prohibit abortion.
The decision will affect about 400,000 people who currently receive federal financial assistance to pay for abortion.
It also affects the subsidies provided to those who get insurance through state-based marketplaces.
The Centers for Medicare and Medicaid Services (CMS) said that about 4.1 million people have already been affected by the changes.
HHS Secretary Tom Price, who has said that ending the government subsidy will cause more people to stop buying insurance, said in an interview with Fox News that the administration will look into ways to improve the marketplaces to ensure the subsidies are not used to “drive people out of the market.”
He added, “I’m also going to be looking at ways to make sure that we can keep these subsidies flowing.”