One of President-elect Donald Trump’s main pre-electoral pledges was to scrap Obamacare, calling it an “economic burden” on the American people. However, post-election, his plan could prove risky and complex.
While Trump will be under pressure to repeal Obama’s 2010 law, it is likely to take months. He has already gone back on some of his promises, saying he will consider keeping some aspects of the Affordable Care Act (ACA). This includes preventing insurers from denying coverage due to pre-existing conditions and allowing children up to the age of 26 to remain on their parent’s plan.
This uncertainty means that insurance companies are bracing themselves for major disruption in the coming months and years. One of these companies includes a start-up called Oscar Health, which was co-founded by the brother of Jared Kushner, Trump’s son-in-law. Recently valued at $2.7bn, this New-York based health insurer aims to help people sign up for insurance plans with the help of digital apps. Kushner and his co-founder, Mario Schlosser, have already highlighted the difficulties that insurers may face if ObamaCare changes.
The ACA, brought in six years ago, has had an impact on most aspects of the US healthcare system. According to Politico “rolling the health law back would create chaos in the health care sector”.
The ACA drove competition, leading to more customer-focus by insurance companies. It was good news for healthcare start-ups and providers. It also meant more regulation, with new mobile health applications requiring FDA approval. Considering how long does it take to get a FDA 510k approved is essential, as getting FDA clearance as quickly as possible is essential. When looking at how long does it take to get a FDA 510k approved, there are companies which can help to fast track submissions.
Although Trump may find it difficult to repeal the law entirely, he could still make legislative changes to weaken it and make it more appealing to his supporters.
He could change how the marketplace works and suspend or alter regulations, which could alter how companies go about marketing drugs and them asking how long does it take to get a FDA 510k approved.
If Trump remains determined to repeal the law, he could find other ways to destroy it, such as refusing to find funds in his budget.