Trump Says New Healthcare Order Signing Will Help Small Businesses
President Donald Trump said he will likely sign a healthcare order this week that is expected to allow Americans to buy health insurance with plenty of benefits, including some that could assist small businesses.
Trump was not too specific on the matter, beyond saying his action would let people cross the state lines in order to gain “great, competitive healthcare” that will cost the United States “nothing.”
The expected order would allow small businesses and other individuals to come together as associations in order to buy health insurance plans that would exempt them from some of the Obamacare requirements.
These include mandatory coverage for 10 essential health benefits, which include maternity and newborn care, prescription drugs and mental health treatment.
It would also expand the amount of time people can use short-term medical insurance plans. People could then use those plans for up to a year, compared to the three months under the current law.
Some experts believe that these healthcare changes are only hurting the market in the long-run.
“There’s a general belief that at every turn the federal government is going to create regulations to hurt rather than help the markets,” said Craig Garthwaite, director of the healthcare program at Northwestern University’s Kellogg School of Management, referring to the Trump administration.
White House spokeswoman Sarah Sanders said Trump will make his announcement “by the end of Friday.” It is still unclear when these plans would become available, but it is unlikely people would be able to sign up for these plans during the 2018 open enrollment period, which begins Nov. 1.
“I’ll also be signing something, probably this week, which is going to go a long way to take care of many of the people that have been so badly hurt on healthcare,” Trump told reporters in the Oval Office. “With Congress the way it is, I decided to take it upon myself,” Trump added, while also mentioning that the plan is “largely worked out.”
Whether or not these changes to healthcare will be helpful or not for businesses, owners should ensure that they have the right coverage with business insurance that will keep them protected without hindering its growth.