OPINION:
Democrats want to expand federal policy and spending, while Republicans want to cut regulation and spending. But what we really need to understand is that health care policy is not about one partisan philosophy or the other.
It is about creating an accessible, functioning system where a working family does not have to choose between health insurance and putting food on the table. Where health care costs, which are also the largest expenditures of the federal government and biggest driver of our federal debt, don’t continue to escalate. A system where a young, healthy college graduate does not have to pay enormous out of pocket costs that subsidizes a broken system, instead of saving to buy a home.
Health care policy is an American issue that is currently broken and not getting better. Your cancer diagnosis and your child’s broken arm do not care who you voted for. For a health care system where Americans spend over $5 trillion annually (most in the world) and 18% and rising of our GDP, we cannot afford to let partisan politics stand in the way of common sense and quality care.
The Fair Care Act is an overarching solution that increases the number of people with health insurance coverage, decreases patient costs, and lowers long-term government spending. It makes care more economical, straight forward, and accessible to all Americans. Here are its four pillars.
Modernizing Health Savings Accounts
Right now, your health account may be an HSA, FSA, HRA, etc. The average American loses hundreds of dollars annually in unused FSA funds due to use-it-or-lose-it rules. This bill eliminates that waste by merging these health care accounts into one simple Health Savings Account (HSA). With this change, anyone with Medicare, Medicaid, employer plans, or individual plans would qualify.
Additionally, pre-tax money would be available to go toward prescription costs, doctor visits, premiums, and more. Under the Fair Care Act, employees could choose to use HSA funds to buy their own insurance so that health insurance would be portable and no longer tied to employment.
Creating Changes to the Insurance Market
Under the Fair Care Act, preexisting conditions will not send your rates into the stratosphere. If you do not want to commit to long-term coverage, this bill makes it easier to access cheaper health plans, including short-term insurance. Also, expanding options like Association Health Plans allows small businesses and individuals to join for group discounts and rates.
The approximately eight million federal workers currently enrolled in the costly Federal Health Employees Benefit Plan would be moved into the individual marketplace. Placing millions of bureaucrats on the very plan many of them manage will ensure a better functioning system while increasing competition and lowering prices in the marketplace.
The Fair Care Act also makes COVID-era telehealth expansions permanent, protecting a vital lifeline for rural communities to receive emergency services and primary care.
Promoting Price Transparency and Competition
The enemy of the free market and principal driver of rising health care costs is consolidation and vertical integration (monopolies) within the hospital, insurance, and pharmaceuticals industries.
According to the U.S. Department of Health and Human Services, hospital mergers have the potential to raise costs from 6% to 65%. By encouraging competition in the marketplace and reducing the monopoly power of these industries, the Fair Care Act creates a competitive market to drive down the costs of drugs and services.
Creating Reforms to Medicare and Medicaid.
The Fair Care Act offers states more flexibility to adjust their Medicaid programs and offers help for those who may not qualify for the program but still struggle to afford insurance.
By allowing Medicare to negotiate drug prices and help our senior citizens compare insurance plans to choose what best meets their needs, our elderly are empowered instead of being stuck in a one-size-fits-all system. Limiting how much Medicare premiums can increase each year will give our seniors more freedom and flexibility with their fixed income.
The Fair Care Act takes politics out of the equation and introduces common sense and competition to the health care marketplace. It covers preexisting conditions, lowers costs, and increases consumer choice by incorporating bipartisan proposals, proven academic research, and scientific data. But most importantly, it is legislation that will give Americans fair coverage at a fair price.
Americans deserve real solutions to their health care issues that the Fair Care Act provides, not partisan talking points and inaction.
• Rep. Bruce Westerman represents Arkansas’ Fourth Congressional District in the U.S. House of Representatives, where he serves on the Committee on Transportation and Infrastructure and as chairman of the Committee on Natural Resources.
Please read our comment policy before commenting.