A GlobalData survey reveals that private health insurance rates in the US increase with household income. President Trump submits a healthcare proposal to Congress to lower prescription drug prices and insurance premiums. The plan aims to increase competition, reduce costs, and improve transparency in the healthcare system for consumers.

The proposal, known as the ‘Great Healthcare Plan,’ focuses on aligning US drug prices with international benchmarks and directing subsidies directly to individuals. This approach is expected to lower premiums by over 10% for commonly selected plans and reduce taxpayer spending by at least $36 billion. The plan also targets intermediaries to reduce costs and increase transparency in pricing.

The proposed reforms could improve affordability for lower-income households, potentially narrowing the coverage gap identified by GlobalData. For insurers, the changes could increase competition and transparency, reshaping product design and pricing strategies in response to greater consumer choice and sensitivity to costs. The market may see a shift towards higher private health insurance penetration rates as a result.

Read more at Yahoo Finance: Trump healthcare plan targets affordability to boost private insurance uptake