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Trump signs for 'broader interpretation' of ERISA laws

Last week President Trump signed an Executive Order to work towards reforming the healthcare system in the U.S. The aim is to expand the available insurance choices and increase competition, which may bring down the cost for consumers.

This call for reform could affect the Employee Retirement Income Security Act, known as ERISA, by allowing for a “broader interpretation” of the act. It would potentially allow any employers in a similar type of business across the nation to join together, offering cheaper healthcare coverage to all of their employees through group insurance.

What changes might be coming?

This possible plan for a free-market healthcare system in the U.S. may have many applauding the idea that professionals can band together to offer lower prices on insurance. These association insurance plans may meet people’s needs better regarding lower costs and better coverage.

According to a statement from the White House we could potentially see:

  • Millions of Americans banding together to demand cheaper insurance plans
  • No change to taxpayer costs by legalizing this option
  • Lower cost for insurance for small businesses and individuals
  • More choices for patients and physicians to meet their needs
  • More patient-friendly opportunities in health care and costs
  • Eliminating discrimination against individuals who own their insurance
  • Possible changes to tax equity, payroll tax, income tax, and tax credits

What are the next steps?

Various government departments, such as Labor, Treasury, and Health and Human Services, will start to consider the call to reform. Obamacare would also likely have to be repealed and changed at its core.

If you have questions about what this could mean for you, your ERISA claims, or your workplace insurance options, you can consult an attorney who knows the ins and outs of ERISA. These possible reforms could change how the U.S. thinks about ERISA and the healthcare system.

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