Trump to Refund $500 Each to 1 Million People in 30 States Over Allegedly Excessive Obamacare Charges

[Financial News] U.S. President Donald Trump has abruptly announced that he will directly refund Americans for health-insurance premiums allegedly overcharged under the Affordable Care Act (ACA), commonly known as Obamacare, during the administration of his predecessor, Joe Biden.
In a video address posted on the White House’s official X account on the 10th (local time), President Trump said, "We discovered that American families who enrolled in health insurance through the disastrous Obamacare exchanges during the Biden administration were charged enormous amounts in excess."
He said the excessive charges amounted to at least $500 million and stressed, "The previous administration knew about this and even investigated it, but covered it up while keeping the money. Our administration will do the right thing and return the money to those who were unfairly extorted."
Under the measure, 1 million health-insurance enrollees in 30 states will receive refunds of $500 per person, or approximately 670,000 won. The White House said in an explanatory document that checks would be mailed to eligible recipients beginning in October 2026.
Because the checks are scheduled to be mailed in October, immediately before the U.S. midterm elections in November, the announcement has sparked intense political debate over whether the federal government is pursuing an election-oriented, vote-buying policy.
The controversy intensified after President Trump pledged at a Republican event in Dallas, Texas, the previous day, "If we retain majorities in the House and Senate by winning the election, we will pay a dividend of $5,000 per adult, or approximately 6.73 million won." As Trump continues to unveil striking cash-payment policies, the opposition Democratic Party has criticized them as "blatant vote-buying."
The refund announcement comes as the Trump administration pushes legislation to replace Obamacare. After Obamacare subsidies ended late last year, insurance premiums surged, prompting many enrollees to cancel their coverage and widening gaps in access to medical care.
The Trump administration is therefore pushing The Great Healthcare Plan as an alternative. It would revise Obamacare exchange rules to allow cheaper plans with narrower coverage while strengthening price transparency and competition in the healthcare market.
President Trump criticized major insurers, saying, "The big insurance companies control the Democratic Party," and pressed Congress to act: "Congress must quickly pass The Great Healthcare Plan. If we give the money that was being paid to major insurers directly to the people, they will be able to receive high-quality healthcare services at a lower cost."
[email protected] Jae-jun Yoon Reporter