Financial Expert Dan Celia Analyzes the Financial Considerations of the Senate’s New ‘Better Care Reconciliation Act’
PHILADELPHIA, Pa.—Last week, the U.S. Senate and the rest of the nation were finally able to see the long-awaited, written-in-secret, health care “repeal-and-replace” bill, called the “Better Care Reconciliation Act.”
Financial expert and nationally syndicated television radio host Dan Celia has been calling for swift and decisive action on both health reform and tax reform so that American families and business owners can begin to save money and become more confident in the economy.
“As with any legislation, no one will agree on every aspect of the health care ‘repeal-and-replace’ bill,” Celia said. “But from a financial perspective, it is encouraging that the ‘Better Care Reconciliation Act’ makes a concerted effort to address the major flaws within the Affordable Care Act that were a debilitating financial drain on millions of Americans. Under this new law, Americans would be freed from being forced to purchase health insurance they did not want or could not afford—or be slapped with a penalty. And small businesses wouldn’t be hamstrung by regulations to provide health insurance to their employees, which had forced them to cut their workforce, rely on part-time employees or announce a hiring freeze.
“Just as important,” Celia continued, “millions of dollars in Obamacare taxes will be cut, and Americans will be able to set aside money, tax-free, in health savings accounts for their medical expenses. Some of the ideals set forth in this bill would make a real difference financially for American families and business owners.”
· Repeal the Obamacare individual and employer mandates
· Improve the affordability of health insurance
· Eliminate costly Obamacare taxes, including the medical device tax
· Expand tax-free health savings accounts
· Deploy tax credits to make coverage more affordable
· Shift power from Washington, D.C., to the states
· Stabilize the health insurance market with billions from the government over four years. Bloomberg reported that this $50 billion fund consists of $15 billion a year over the next two years and $10 billion a year in 2020 and 2021.
· Protect coverage of preexisting conditions
· Allow parents to keep their children on their health insurance until they are 26 years old
· Transition away from Obamacare entirely, but not immediately
Celia has been calling on Congress to work for their constituents in a real and tangible way before the summer recess.
“Some lawmakers seem incapable of grasping the concept that their constituents sent them to Washington so they will work hard at the Capitol to pass an agenda that will help the people they work for back home,” Celia wrote in a new op-ed for Townhall. “Congressional legislators must be mindful of who put them in office. We are at a place in our economy and in Washington that we need them to work hard getting legislation passed for the people who employ them. I hope lawmakers understand that working hard for their constituents means getting legislation passed that actually helps the people in their community.”
The 142-page bill—compared with the 2,300 pages of the Affordable Care Act, plus 20,000 additional pages of regulations—is classified as a “discussion draft” and is open for changes and amendments. The Senate needs 50 votes for passage; thus far, several senators have expressed their skepticism of the bill.
Celia leads Financial Issues Stewardship Ministries (FISM, www.financialissues.org) and focuses on important economic news and biblical investing during his daily, three-hour program, “Financial Issues.”Read more about Celia, FISM and “Financial Issues” here.
Visit the Financial Issues Stewardship Ministries web site at www.financialissues.org, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues. Download the new Financial Issues app here.
To interview Dan Celia of Financial Issues Stewardship Ministries, contact Beth Harrison, 610-584-1096, x104, Media@HamiltonStrategies.com, or Deborah Hamilton, 215-815-7716 or 610-584-1096, x102.