Just after his inauguration last month, President Joe Biden outlined his new healthcare plan. It is essentially a Medicare-like public option that enables greater access for consumers to receive health insurance. What are the primary changes to the healthcare industry as a result of the new administration’s policies?
The individual mandate healthcare changes
President Trump got rid of the individual mandate in 2017. The individual mandate imposed a penalty on individuals for not having health insurance coverage. Consequently, the Biden administration intends to reintroduce this provision in their healthcare packages either through executive orders or legislative processes.
Lower prescription drug prices
Medicare is currently banned from negotiating lower prices with drug manufacturers. However, according to Biden’s proposed changes, this ban will be lifted. In effect, this would allow the government to intervene in the pricing of essential medications.
Provisions for undocumented immigrants
The Biden administration proposes to allow undocumented immigrants to buy into the public healthcare option, although the government will not be subsidizing their buy-in.
Reduced spending rate healthcare changes
The Affordable Care Act allows consumers to spend up to 10% of their income on health insurance. Biden intends to amend this to lower that maximum expenditure to 8.5%. This is in an effort to expand access to the marketplace.
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