Trump Unveils Ambitious Healthcare Overhaul

President Donald Trump announced a new healthcare plan aiming to lower drug prices and insurance premiums while increasing price transparency. The plan requires insurers to disclose profits and coverage comparisons and seeks legislative support for drug price deals and expanded over-the-counter medicine availability.

In a significant announcement on Thursday, U.S. President Donald Trump introduced a healthcare plan promising to curb drug prices and insurance premiums. The proposal, presented by the White House, seeks to increase price transparency and ensure greater accountability from insurance companies.

The plan urges Congress to pass new legislation supporting 'most-favored-nation' drug pricing deals and to broaden access to over-the-counter medicines. Dubbed 'The Great Healthcare Plan,' this framework includes an insurance cost-sharing reduction component aimed at decreasing Obamacare plan premiums by over 10%. It also involves replacing government insurance subsidies with direct payments to Americans.

The proposal targets the practices of pharmacy benefit managers and mandates insurance companies to publicly disclose their profits from premiums, along with the frequency of claim denials. Insurers would need to share rate and coverage comparisons on their websites in 'plain English' and reveal the percentage of revenues allocated to claims versus overhead and profits. Additionally, data on the proportion of claims rejected and average waiting times for care must be made available. Providers and insurers receiving Medicare or Medicaid funds would also need to publicize their pricing and fees.

(With inputs from agencies.)