The Affordable Care Act Remains
House Speaker Paul Ryan on Friday, March 24, 2017, cancelled a voted on the GOP bill to replace the current Affordable Care Act due to a lack of votes from Republicans in order to pass the legislation.
The Republican bill would have replaced the Affordable Care Act, known informally as Obamacare, which mandated that almost everyone have health insurance, with a system of age-based tax credits to purchase health insurance plans.
The defeat is a major blow to the campaign promise made by Trump and efforts to show what Republicans can accomplish when they control both Congress and the White House, according to USA Today.
House Speaker Paul D. Ryan conceded, “We’re going to be living with Obamacare for the foreseeable future.”
In the end, Republican leaders doomed the bill by agreeing to eliminate federal standards for the minimum benefits that must be provided by certain health insurance policies.
As it stands right now the current provisions and legislation of the Affordable Care Act stands as is with no changes.
CBIS will keep you posted as the GOP leaders move on from health care to tax reform.
ADDITIONAL INFORMATION
Information contained in this Important Update is not intended to render tax or legal advice. Employers should consult with qualified legal and/or tax counsel for guidance with respect to matters of law, tax and related regulations. Creative Benefits & Insurance Solutions provides comprehensive benefits advice and administrative services with respect to all forms of employee benefits, risk management, property & casualty, workers’ compensation, staffing insurance and human resources services. For additional information about our services, please contact us at (586) 992-0404 or email us at service@cbis-lc.com.
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