President Donald Trump said on Dec. 19 that he plans to hold a meeting with health insurance companies to discuss potential price cuts as he seeks to reduce health care costs for U.S. consumers.

“I think that the insurance companies, we should have a meeting. We should talk to them,” Trump told reporters during a White House event.

“Because I would say that maybe with one talk, they would be willing to cut their prices by 50, 60, or 70 percent. They’ve made a fortune.”

Trump said the meeting could take place “in Florida this coming week” or at the White House in the first week of 2026, adding that the idea had only just occurred to him.

“All of the billions and billions, ultimately trillions and trillions of dollars that’s paid to these companies, we’re going to pay directly to the people,” he said.

“But there’s another way of doing it, and that’s getting the insurance companies to ease up and to cut their pricing way, way down and stay part of the system.”

Trump also announced that 14 of the 17 largest pharmaceutical companies have agreed to lower drug prices to “most-favored nations” levels, and the remaining are expected to follow soon.

The announcement followed House passage of the Lower Health Care Premiums for All Americans Act on Dec. 17, which seeks to reduce health insurance premiums and expand access to coverage. The bill has now advanced to the Senate.

The bill would increase transparency in prescription drug pricing, provide federal funding to reduce the copayments and deductibles paid by some Affordable Care Act customers, and make it easier for businesses that self-insure their employees to buy stop-loss insurance.

It would also enable small employers and the self-employed to leverage the buying power of a larger organization by joining association health plans and would make it more attractive for employers to contribute pretax funds for employees to purchase their own coverage.

Republicans said the changes are needed because the Affordable Care Act, also known as Obamacare, has failed to live up to its promise of lowering the cost of health insurance.

It was enacted in 2010 under President Barack Obama, mandating health insurance for most Americans and providing subsidies for low-income recipients.

Lawrence Wilson and Nathan Worcester contributed to this report.