Beth M. Cubriel
Principal at Michael Best Strategies LLC
On Friday, May 11, President Trump delivered a highly anticipated speech to outline his plan to reduce drug prices and the cost of health care in America. The President gave a speech that was high on platitudes, promising to “launch the most sweeping action in history to lower the price of prescription drugs for the American people.”
Every day, millions of Americans check into hospitals, visit family physicians or are treated in clinics. Rarely do patients ask, “how much is this going to cost me?”.
Congressional leaders are currently sending mixed signals on whether they will make another attempt to fully repeal the ACA. That gives us an opportunity to take a closer look at recent legislative proposals involving a common feature of employer sponsored health insurance coverage: the health savings account (HSA).
Tax reform passed both houses of Congress in December and was signed by the President on Dec. 22, 2017. Several weeks after passage, there is some misunderstanding about what is actually in the bill, especially provisions relating to health care. Here is a review of some common misconceptions about the bill and other details affecting how health care is funded or incentivized.
Last week the U.S. House of Representatives and the U.S. Senate each passed tax reform proposals out of the Ways and Means and Finance committees, respectively.
The Affordable Care Act (ACA) amended the Employee Retirement Income Security Act (ERISA) to allow employers to offer incentives to their employees in exchange for voluntary participation in “health-contingent” wellness programs. The design of these wellness programs could include requiring employees to share personal information in order to show they were satisfying the terms of the given wellness program.