President Donald Trump took to Twitter Saturday morning to praise his executive order on health care, saying health insurance stocks “plunged” after he signed it.
“Very proud of my Executive Order which will allow greatly expanded access and far lower costs for HealthCare. Millions of people benefit!” President Trump wrote.
“Health Insurance stocks, which have gone through the roof during the ObamaCare years, plunged yesterday after I ended their Dems windfall!” he added.
Molina Healthcare, Centene and Anthem were among the insurance providers to experience notable declines in stock a day after Trump announced his order to kill key Obamacare payments, CNBC reported.
Trump signed the executive order on Thursday, saying it would increase competition and choice within the health care market. More small businesses can now collectively purchase health care, and limits on short-term insurance plans will be rolled back as a result of the order.
But some analysts believe the move will only destabilize the marketplace, saying more consumers will seek cheaper, but less-effective insurance plans instead of Obamacare.
“Today’s executive order will allow health insurance plans that cover fewer benefits and offer fewer consumer protections,” Tom Nickels, executive vice president of the American Hospital Association, said in a statement. “In addition, these provisions could destabilize the individual and small group markets, leaving millions of Americans who need comprehensive coverage to manage chronic and other pre-existing conditions, as well as protection against unforeseen illness and injury, without affordable options.”