President Donald Trump called for a significant shift in how federal funds for healthcare are distributed.
In a series of posts on Truth Social, Trump proposed that the “hundreds of billions of dollars” currently directed towards “BIG, BAD” and “money sucking” insurance companies under the Affordable Care Act should instead be sent directly to the public.
According to Trump, this reallocation would enable individuals to purchase superior healthcare services and retain additional savings.
“THE MONEY MUST NOW GO DIRECTLY TO THE PEOPLE, TAKING THE ‘FAT CAT’ INSURANCE COMPANIES OUT OF THE CORRUPT SYSTEM OF HEALTHCARE. THE PEOPLE CAN BUY THEIR OWN, MUCH BETTER POLICY, FOR MUCH LESS MONEY, SAVING, FOR THEMSELVES, AN ABSOLUTE FORTUNE!!!” Trump wrote Saturday.
On Sunday, he said: “PAY THE PEOPLE, NOT THE INSURANCE COMPANIES!”
As the government shutdown continues, with healthcare subsidies as a sticking point, Trump also reiterated his call to end the Senate filibuster.
Elevance Health (ELV), UnitedHealth Group (UNH), CVS Health’s Aetna (CVS), Centene (CNC), Molina Healthcare (MOH), and Oscar Health (OSCR) are among the largest insurers with ACA marketplace businesses.
Dear readers: We recognize that politics often intersect with the financial news of the day, so we invite you to click here to join the separate political discussion.