What a year. Trump has been elected as the next President of the United States of America, promising many changes and garnering as much criticism as he has support. What he manages to actually do during the course of his presidency, of course, remains up to time itself. However, as the clock ticks towards his inauguration, here are some of the things he has said he will do regarding insurance, taxes, and the business world.

Trump and Healthcare

One of Trump’s main campaign points was a repeal of the Affordable Care Act. The Affordable Care Act was signed in by President Obama and gave health insurance to 22 million people. That is 10% of the American public who received insurance because of the existence of the Affordable Care Act, where many of them were uninsured before the Act being created.

So far, Trump and his allies have not given the American public any real answers regarding his health care plan, only that he wants to repeal the Affordable Care Act as soon as possible. This leaves the 22 million newly insured Americans with no real course of action should their current health insurance plans become defunct. He has thus far not replied to concerns about the healthcare industry and insurance companies that have benefited from the healthcare market set up by the Affordable Care Act. Trump has said he will provide universal health care coverage, but has not detailed what that will look like. He also wishes to make changes to Medicaid.

Insurance and Employers

Trump’s economic policies also include a repeal of the employer insurance mandate, the medical device tax, and the tax on medical insurers. While there has been considerably less backlash on this topic than on his health care policies, a lack of clarity regarding the future remains. However, the removal of these taxes and laws allows employers and the insurance industry the chance to have a say in the new president’s policies. Hopefully, there are a positive and effective series of policies created from the knowledge of employers and the insurance industry.

The Children’s Health Insurance Program

The future of the Children’s Health Insurance Program is also up in the air with the Trump presidency looming. This particular insurance program was created by Hillary Clinton in the 1990s as part of her time as First Lady of the United States. This program is up for review in 2017, and could put a strain on the relationship between Trump and members of Congress in support of the Children’s Health Insurance Program.

Lower Tax and Decrease Regulations

Growing in specificity and detail are Trump’s proposals regarding taxes and business regulations. Trump has proposed putting a hold on new business regulations and has said that he will ask related federal agencies to rank current business regulations in order of importance.

One of his most outspoken policies that gained the most support for him during his campaign was his promise to cut corporate and overall income taxes. He hopes this will jump start the economy and make up for the money being spent on the current military budget. He has not stated how much he will cut taxes by, and Congress may stall his efforts to change the current rates due to ongoing issues with the national budget.

Looking Ahead

We cannot say for certain what a Trump presidency will bring in terms of changes to the health care system, tax breaks, deregulated business and much more. Congress and various federal bodies, in addition to the outspoken American people, will set the tone for the next four years regardless.

For more information contact: Skyline Risk Management, Inc. at (718) 267-6600