Sens. Lamar Alexander, R-Tenn., and Patty Murray, D-Wash., agreed on a bipartisan deal that would restore the ACA's cost-sharing subsidies for two years, the New York Times reports
Here's what you should know:
1. The bipartisan deal would work to stabilize the ACA in the short term. On Oct. 13, President Donald Trump eliminated the subsidies through an executive order. Without subsidies, premiums are expected to rocket and potentially cause some payers to leave the market.
2. President Donald Trump publicly backed the deal, while also decrying the ACA and reaffirming his commitment to repeal it.
At a news conference, Mr. Trump said, "It'll get us over this immediate hump as a short-term solution so that we don't have this dangerous little period. For a period of one year, two years, we will have a very good solution. But we're going to have a great solution, ultimately, for health care."
3. The bipartisan deal allows states "more flexibility in the variety of choices they can give to consumers," Mr. Alexander said. He added the deal will solidify the market over the next two years, while legislators decide the future of healthcare.
4. The deal also ensures both low-income people and people with serious illnesses would retain coverage. It offers catastrophic insurance plans to any interested party. Catastrophic plans have low monthly payments but elevated deductibles. These plans also require consumers to pay for most medical expenses.
5. The Democrats restored a portion of the ACA's marketing and advertising funds through the plan. President Trump drastically reduced that funding.
6. Senate Minority Leader Chuck Schumer, D-N.Y., lauded the plan, saying the deal was an example of what Congress can accomplish when it works in a bipartisan manner.
7. The bill still has to pass the Senate and U.S. House.