GOP Healthcare Bill Set To Benefit Older Americans, Says Speaker Paul Ryan; Age Based System In Place?
The first major legislation of President Trump is the healthcare bill that will be benefiting the older Americans, said Speaker Paul Ryan. He detailed that the bill would provide better tax credits for old people and make a work requirement for the poor who are getting the Medicaid program. The upcoming health care bill is expected to replace the Affordable Care Act (ACA) which is also known as Obamacare.
Though the bill is still in draft, Ryan said Republicans are planning to bring it to the House of Representative for voting on Thursday. While speaking to a television program, he stated that the questions and concerns raised by the Republicans were being addressed. "We believe we are giving a better assistance than the current bill does," Ryan said. The legislation would offer tax credits for health insurance of lower-income people who are aged between 50 and 64.
Reports are confirming that the Republicans have differences in the proposals of the healthcare bill. The Democrats accuse that the current bill would move away millions of people from the benefit of healthcare, and people who are poor and elderly will struggle along with working class while the rich would be getting the benefits of tax cuts. There are other reports also suggesting that the current bill would increase the total costs associated with healthcare insurance.
The new bill is shifting tax credits from income-based system to age-based system. The upcoming program gives an option to tax credit starting from $2,000 a year for people under 30 to $4,000 in a year for people aged at 60 or more. The analysts say that the tax credits are smaller comparing to the ACA benefits. While a 60-year-old with $20,000 annual income gets $10,000 in Obamacare subsidy, the same person can only get $4,000 from the upcoming healthcare bill, reports Kaiser Family Foundation. However, the health insurance premium for older people in the new bill is not expected to increase as there is an "age-rating."
