Sen. Rand Paul says his Obamacare replacement plan will make hea - WDRB 41 Louisville News

Sen. Rand Paul says his Obamacare replacement plan will make health insurance affordable

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LOUISVILLE, Ky. (WDRB) -- Kentucky U.S. Sen. Rand Paul says the Affordable Care Act has made health insurance anything but affordable, and he has a plan to replace it once it is repealed.

“We need to have more competition, more price competition and more choices,” Paul told a group of small business owners Wednesday at a roundtable sponsored by the National Federal of Independent Business.

He said his plan will fuel more competition to drive down health insurance costs.

“Obamacare just didn't work. More people got insurance, but the price of insurance kept going up," Paul said. "In fact, it went up more dramatically afterward. So, there is a problem we have to fix."

Paul's proposed fix includes doing away with mandated benefits and offering a $5,000 tax credit to fund health savings accounts. He says a key feature is allowing the expansion of group health insurance plans.

Paul says that would help small businesses and individuals pool their resources and negotiate insurance rates.

“The reason Walmart gets cheaper prices for everything is they buy a gazillion of everything, and they can tell whoever they're buying it from that they're only going to pay a certain price. Same way with insurance."

Hundreds of thousands of Kentuckians are now covered by Medicaid under Obamacare and stand to lose coverage if it's repealed.

Paul says the cost of Medicaid expansion is unsustainable. He believes driving down the cost of private insurance will lead to fewer people on Medicaid.

“If you ask most working class people, would you rather have Medicaid or private insurance? I think most people would say I'd rather have private insurance," he said. "But it's got to be less expensive."

Paul says a repeal would be gradual, so no one would lose coverage right away.

“It will be over a couple-of-years period. During that couple of years, I want a replacement bill to be there that creates new opportunities for people with less expensive insurance,” he said.

Paul believes Congress will repeal Obamacare in the next month or so, but it’s still unclear as to whether Congress can agree on a replacement.

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