American presidential politics: Like clockwork every four years, we evaluate candidates and focus on November. It can be an invigorating and inspiring time, but it can also be confusing. The issues are always complex and this election year is no exception.
For employers, staying on top of candidates' positions is especially important. Many election issues play a role in the day-to-day running of a business.
In November, we'll know which candidate will be our next president. But, in the interim, let's take a look at each of the major candidates' positions on key issues affecting the workplace. I encourage you to consider how these positions, if put into action, will affect your clients. Use your role as a financial professional to help clients weather potential changes by offering your expertise and recommendations.
The Affordable Care Act and the employer mandate
Hillary Clinton
-
Expand the ACA, including access to all families regardless of immigrant status
-
Provide eligibility for a refundable tax credit for substantial out-of-pocket costs
-
Offer a public-option insurance plan
-
Permit individuals age 55+ to voluntarily buy into Medicare
-
Incentivize states to expand Medicaid
Donald Trump
-
Repeal Obamacare and implement free market principles
-
Eliminate the individual mandate
-
Allow income tax deduction of health insurance premiums
-
Increase the use of health savings accounts paired with high-deductible health insurance
Changes to the ACA – or a repeal of the program all together – would have a cascading effect on benefits. Whether the impact is small or large, work with carriers you've built relationships with to provide needed adjustments to help clients handle the changes.
Recommended For You
The federal minimum wage
Hillary Clinton
-
Increase the federal minimum wage to $12 per hour
-
Encourage states, cities and workers to go even higher through bargaining, including a $15 minimum wage where it makes sense
Donald Trump
-
Raise federal minimum wage or
-
Turn minimum wage over to the states
If enacted, cash flows will be significantly impacted and employers may need to plan for this change in the context of other expenses, such as their benefit programs. Consider an overall review of their benefit programs to determine how voluntary benefits fit into the mix.
Paid family leave
Hillary Clinton
-
Guarantee up to 12 weeks of paid family and medical leave
-
Offer employees on leave at least two-thirds of their current wages, up to a ceiling
-
Use tax reforms to fund paid leave
Donald Trump
-
Position is silent/unavailable
Help clients coordinate paid leave policies with group disability benefits to prevent overlapping coverage or gaps in coverage. If changes to paid family leave take place, you'll hold the key to helping clients look at their leave programs holistically. Apply what you know about a client's paid-time-off policy to determine the best design for their disability benefits.
A number of other topics continue to bounce around Washington, D.C., including auto-enrolling employees in disability insurance, and tax-advantaged ways for employers to help employees pay down student debt. Keep apprised of activity on these issues. As they emerge, help your clients understand them and, where possible, influence the outcome.
One thing is certain: Your role as a financial professional will likely grow after November, when employers begin seeing emerging opportunities and challenges. Be prepared by knowing what's on the horizon, and envisioning how the solutions and counsel you offer can make the transition smoother.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
