(The Center Square) – President Donald Trump called on Congress to enact his “Great Healthcare Plan,” in a bid to lower drug prices and insurance premiums.
The plan proposes sending money directly to consumers, rather than insurers. Trump has said for months that he wants to send money to Americans, not insurance companies.
“Obamacare was designed to make insurance companies rich,” Trump said in a video message announcing the plan. “I want to end this flagrant scam and put extra money straight into the healthcare savings account in your name, and you go out and buy your own healthcare, and you’ll make a great deal, you’ll get better healthcare for less money – that way you can choose the care that is right for your family.”
Trump’s plan includes codifying the Trump administration’s Most Favored Nations deals with prescription drug companies. The White House has secured deals from 16 of the largest pharmaceutical companies in the world to offer at least some of their prescription drugs at lower prices in the United States, Trump has said.
Bristol Myers Squibb, GSK, Novartis and Merck & Co. are among several companies that have agreed to offer most-favored-nations prices to the United States.
Health and Human Secretary Robert F. Kennedy said the deals make up “95% of drugs” sold in the U.S.
“So instead of Americans paying the highest drug prices in the world, which we have for decades, we will now be paying the lowest cost paid by any other nation,” Trump said in an announcement on social media. “That’s what we’re going to pay, and the American people will get the savings.”
The plan will also make more pharmaceutical drugs available for over the counter purchases.
Trump said prices for some prescription drugs could decrease by 300-500% starting this month.
The Great Healthcare Plan also aims to target insurance companies and reduce premiums. The plan funds a cost-sharing reduction program for healthcare plans that would save taxpayers $36 billion and reduce Affordable Care Act premiums by over 10%, the White House said, citing figures from the Congressional Budget Office.
The Congressional Budget Office did not immediately respond to The Center Square’s request for comment confirming the White House’s figure.
“It fully funds a long-neglected part of the law known as the Cost Sharing Reduction program,” Trump said. “This measure alone should cut premiums on the most popular Obamacare plans.”
Trump’s plan is also designed to increase transparency for healthcare providers and insurers who accept Medicare or Medicaid. The plan requires insurance companies and healthcare providers to prominently post their pricing, fees and profits taken out of premiums.
“It will require any hospital or insurer who accepts Medicare or Medicaid to prominently post all prices of their place of business so that you are never surprised, and you can easily shop for a better deal or better care – and you’re going to end up doing both, you’re going to get a better deal and better care,” Trump said.
Trump said he wants Congress to take the measure quickly.
“I’m calling on Congress to pass this framework into law without delay – we have to do it right now so that we can get immediate relief to the American people, the people I love,” the president said
