Much has been stated about President-elect Trump’s plan to repeal and replace the Affordable Care Act (ACA). While this certainly becomes more of a possibility with the Republican Party controlling both houses of Congress, and one of Mr. Trump’s platform agendas, in reality this potential change will take quite some time to make it into law, if it ever should.
With the open enrollment underway in the marketplaces across the country, nothing will happen now. At the earliest, pundits think that any significant changes to the ACA would not take place until mid 2017. And even then that would presume that there are only minor changes to the law. In the most drastic of cases, phasing out of ACA coverages and laws would probably not come until the latter part of 2017. While most individuals might agree that some changes need to be made, the cost in money and political capital for a new administration MAY offset some of the more drastic changes that have been outlined in the media outlets.
As for employers, it is simply too early to tell how all of this will play out. So a sound strategy would be to plan on no legal changes for your 2017 renewal. Cost pressures may force employers to look at alternate plan designs, but at the end of the day, do not count on any federal legislative efforts to help you save money on group insurance renewals.
As far as other laws that effect group insurance issues, such as COBRA, HIPAA, Section 125, Mental Health Parity etc, there has been no indication that any of these are targeted for repeal or replacement.
CSP Insurance Services will carefully monitor any changes that may affect individual or group insurance coverage as we move forward.
Disclaimer: This summary is intended to convey general information only and is NOT intended to provide legal or tax advice.