President Donald Trump on Thursday urged Congress to pass what the White House is calling the "Great Healthcare Plan," a sweeping proposal aimed at lowering healthcare costs, reducing prescription drug prices, and cutting insurance premiums.
At the center of the plan is Trump's long-standing push to lower drug prices by ensuring Americans pay no more than patients in other developed countries.
The proposal would codify Trump's most-favored-nation pricing policy, building on actions taken during his first term to lower insulin costs and on recent executive orders that led to voluntary price-cutting agreements with pharmaceutical companies.
"This proposal locks in the massive discount on prescription drugs that my administration is achieving through our most-favored-nations drug pricing agreement," Trump said in the release. "It'll bring down drug prices 80, 90% in some cases."
Existing negotiated deals with federal health agencies would remain in place. The plan would also expand access to verified, safe drugs for over-the-counter purchase, reducing the need for costly doctor visits while increasing competition and transparency.
The proposal also targets health insurance premiums, which the administration says have been inflated by subsidies and industry middlemen.
Under the plan, billions of taxpayer dollars currently sent to large insurance companies would instead be directed straight to eligible Americans, allowing them to purchase the coverage of their choice.
"The government is going to pay the money directly to you. It goes to you, and then you take the money and buy your own healthcare ... the big insurance companies lose and the people of our country win," Trump said.
The plan would also fund cost-sharing reductions that the Congressional Budget Office estimates could save taxpayers at least $36 billion while lowering premiums on the most common Obamacare plans by more than 10%.
Additionally, the plan would eliminate pharmacy benefit manager kickbacks that the White House says artificially drive up insurance costs.
To hold insurance companies accountable, the plan introduces a new "Plain English" standard, requiring insurers to clearly disclose coverage details, denial rates, profits, and overhead costs. Consumers would be able to compare plans upfront without navigating complex industry jargon.
The proposal further seeks to maximize price transparency, requiring hospitals and insurers that accept Medicare or Medicaid to publicly post prices and fees.
"We will have maximum price transparency and costs will come down incredibly. 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," Trump said.
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