Trump Presidency May Affect Your Insurance Rates

LOS ANGELES - Dec. 11, 2024 - PRLog -- In his first term as President in 2016, Donald Trump sought to enact work requirements for subsidized Obamacare health insurance plans but was unsuccessful. Going into his second term in 2025, he says he won't scrap it altogether but that Obamacare is just too expensive. What's more, he claims that he can cut auto insurance increases by half after he's elected. Also, business owners are hopeful that a Trump presidency will boost business, but what does it mean for business insurance? Let's look at how Donald Trump may affect your insurance bills in the next four years.

Trump's Presidency: How It Will Affect Health Insurance, Medicare and Medicaid
One wonders if Trump will amend the Affordable Care Act (ACA), to make it more cost effective for the government while easing restrictions on short-term health insurance policies which cost less for consumers but don't have comprehensive benefits and don't comply with ACA consumer protections. (more on health insurance in full article, link at end).

How Will a Trump Presidency Affect Property Insurance, Like Home and Auto?
While campaigning as a presidential nominee in 2024, Trump tweeted on X about cutting auto insurance increases in half. He said that auto rates were up 73%, which by all means, is a gross exaggeration, when the highest increase is in Minnesota at 61% and most states were seeing an 18% rate hike on average in 2024.(4)

The reality is that Trump's other proposals, namely his plan to add tariffs to overseas products, may have the opposite effect, making claims even more expensive. (more on car and auto in link at the end)

Will Business Insurance Be Affected by Trump's Policies?
President Trump won his second term in 2024 on the promise of improving the U.S. economy and helping businesses flourish. Aside from eight years of his life, he has been a businessman so he has expectations to meet. Whether or not boosting the economy will help lower business insurance costs is a strong possibility.

Full article: https://smartfinancial.com/trump-insurance