President Trump announced the expansion of health care coverage for America’s small businesses and workers Friday, through health reimbursement arrangements, known as HRAs.
“This is something that its time has come,” he added. “It’s popular, it’s really, really been a success, and I think this is going to be — for many people, this will be the way of the future.”
HRAs are employer-funded group health plans that reimburse employees tax-free for qualified medical expenses, up to a fixed-dollar amount per year. The unused amounts can be rolled over, and the employer funds and owns the account.
Mr. Trump also promised more action in two weeks, though he didn’t say what it would be.
“We’re going to have another big announcement in two weeks — unrelated — but something that’s going to have a profound effect on the things that we’re talking about and have been talking about over the last two and a half years,” he said. “It’s gonna be something really incredible.” He said it was a “very big announcement” and a “big surprise… a very pleasant one.”
The president has been adamant, however, about his efforts to eliminate the Obama-era Affordable Care Act (ACA), which he has described as a “horrible, no good” plan. The ACA has been instrumental in providing coverage to millions of Americans, including offering protections for those with pre-existing conditions.
More recently, Mr. Trump promised to “hold insurance companies and hospitals totally accountable” for the. While light on details, the Trump administration says its plan will help to protect Americans from rising drug and health care costs.
Sara Cook contributed to this report.