Billionaire financier Mark Cuban has no kind words to say about Republicans’ newly circulated idea for how they could replace the Affordable Care Act (ACA).
The plan, which began circulating among President Donald Trump and his allies in Congress during the final days of the federal government shutdown, came as Democrats demanded an extension to ACA subsidies expiring for millions of people. The proposal suggested taking the money spent on subsidies and sending it directly to American taxpayers to save in health savings accounts (HSAs), allowing them to pay for treatment out of pocket.
However, Cuban—who has himself pushed a drug sales company aiming to disrupt the healthcare industry—panned the entire idea in a lengthy post on X on Friday.
“This is dumb. Really dumb. Really Really Dumb,” Cuban wrote, referencing his past clashes with Trump.
He explained his reasoning: “Why? Because when you give it to insurance carriers under the ACA, they have to spend at least 85% 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.”
Cuban continued, “More likely, people will get that HSA cash, immediately take it out, pay the 20% penalty, and buy whatever they want. So your tax dollars could be throwing parties!”
He was quick to clarify his stance: “Does this mean I like the subsidies going to the big insurance carriers? No. It means there are better ways to do this.”
Cuban concluded, “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.”
https://www.rawstory.com/mark-cuban-2674297754/
