Official portrait of President Donald J. Trump, Friday, October 6, 2017. (Official White House photo by Shealah Craighead)

When President Trump was elected in 2017 Jan Mickelson of WHO Radio in Des Moines asked’s RG to explain “TrumpCare”.  President Trump said, “We are going to replace Obamacare with tax credits and enhanced HSAs.”  RG explains, “He should have said, we are going to replace Obamacare, Medicaid and Employer-based insurance with “refundable” age-based tax credits and larger tax-free HSAs — When we lift the burden of health insurance off the backs of American employers the economy will soar like never before!”

Age-based tax credits in 2017 equaled $2,000 for each child annually and each parent receives $3,000 at 30-years-old, $4,000 at 40, $5,000 at 50, and $6,000 at 60-years-old.  It’s a “voucher” to purchase insurance.  If the cost is more than the credit people pay the difference.  If the cost is less than the credit the balance is deposited in a family’s tax-free HSA at the bank.  Parents choose the insurance on their children instead of employers.

Oklahoma example; the cost for the Trump Plan in Tulsa for a 30-year-old couple and 2 children is $510.75/month or $6,129/year (8/23).  Tax credits for each parent is $3,000 + $2,000 per child equals $10,000 tax credit.  $10,000 – $6,129/year = $3,871 HSA Deposit.

Trump Plan picked; Dental Insurance “included” to $2,000/year per person.  Accident deductible is $250 plus family receives $30,000 with heart attack, cancer, or stroke.  If the family dental cost is removed the cost drops and the HSA deposit will increase.

Important Consideration; People should maximize their tax-free HSA annually with additional deposits.  HSA funds may be used for medical, vision or dental expenses or saved plus interest.  Who would spend the money that is growing tax free?  Not smart people!  Don’t use the HSA-VISA when you see the dentist.  Use a normal VISA and keep the receipt because you have the FREEDOM to let you’re HSA balance grow and make your tax free withdrawal at a later date.  RG says, “I encourage dental insurance so people don’t spend HSA funds”

TrumpCare VS Current Oklahoma Reality; Oklahoma State employees pay $887 a month for a family Blue Cross HMO that pays NOTHING out-of-network and doesn’t include dental.  The Trump Plan for the above family of 4 is $510/month so the family saves $310/month and has dental insurance.  If the Mother gets cancer with the Trump Plan her premiums remain constant and she receives a check for $30,000.  If Mom is a State employee and becomes too sick to work her $887/monthly rate is increased to $2,775/month on COBRA!  This Sooner Mother SAVES $2,265/month under COBRA with Trump’s low-cost high-quality Plan.

Current Republican agenda of Representative Chip Roy (R-TX) is the Health Freedom Act.  All Americans may save with a tax-free HSA.  HSA maximum annual deposit increases to $12,000 for singles and $24,000 for families.  People over 55-years-old may deposit $5,000 extra annually for catch-up.

TrumpCare Conclusion; TrumpCare is like a giant Oklahoma bailout.  The state, county and city governments no longer purchase employee insurance so local taxes can drop like a rock.  Oklahoma should use this one-time opportunity to ELIMINATE state income tax like Texas.

Warning; Oklahoma has low Trump Plan rates so their HSA deposits will be higher than Texas.

Representative Chip Roy on Healthcare in 2024 Election