Billionaire financier Mark Cuban has no kind words to say about Republicans’ newly circulated idea for how they could replace the Affordable Care Act.
The plan, which started being circulated by President Donald Trump and his allies in Congress in the final days of the federal government shutdown as Democrats demanded an extension to ACA subsidies expiring for millions of people, was to take the money spent on subsidies and send it directly to American taxpayers to sock away in health savings accounts, or HSAs, to pay for treatment directly.
But Cuban, who has himself pushed a drug sales company to try to disrupt the health care industry, panned the whole thing in a lengthy post to X on Friday.
“This is dumb. Really dumb. Really Really Dumb,” wrote Cuban, who has clashed with Trump in the past. “Why? Because when you give it to Ins Carriers under the ACA, they have to spend at least 85pct of it on care for plan holders. When sent to people’s HSAs, there is no assurance that the money will be spent on healthcare costs at all. A recipient can save the money and take it out when they turn 65.”
“MORE LIKELY, people will get that HSA cash, immediately take it out, pay the 20 pct penalty and buy whatever they want,” Cuban continued. “So your tax dollars could be throwing parties!”
“Does this mean I like the subsidies going to the big insurance carriers? No,” he added. “It means there are better ways to do this. Whatever we do, taxpayer money HAS TO GO DIRECTLY TOWARDS PAYING or Guaranteeing NECESSARY MEDICAL CARE. Sending money to people’s HSAs is really dumb.”
The post ‘Really really dumb’: Mark Cuban trashes GOP’s latest Obamacare replacement idea appeared first on Raw Story.
