Former vice president Joe Biden has recently been announced the winner of the presidential election. Now healthcare policy experts weigh in on how this presidency can affect health insurance in 2021 and beyond.
1. A Push for More Coverage
No matter whether Biden or Trump won the election, the next president would have had to consider the increasing job losses due to the COVID-19 pandemic. After all, these job losses will have a direct impact on health insurance plans.
Millions of Americans could lose their health insurance. This results from job losses or because they’re dependent on someone who has an employer-sponsored plan.
The continuing financial crisis resulting from the virus will prompt a significant emphasis on increasing insurance coverage. This will offset the millions of people who are likely to lose their employer-sponsored insurance.
For everyone, from industry leaders to health insurance companies to payers, coverage must be on the mind more because of COVID-19.
2. Changes in COVID-19 Testing
Biden has noted on many occasions that he would ‘listen to science’ in his approach to dealing with the COVID-19 pandemic. Trump, on the other hand, has repeatedly contradicted his top health officials. Biden has vowed to place the federal government in charge of the national COVID-19 response.
There are also guarantees of free coronavirus testing, regardless of someone’s health insurance status. Biden has also pledged to subsidize health insurance protection for people who are relying on COBRA health insurance that may result from a job loss during the pandemic.
3. A Public Health Insurance Option
The most significant change in health insurance Biden would introduce is producing a Medicare-like program. This would be a ‘public option.’
This Medicare-like public option would be a health insurance program introduced by the federal government. But, it would be available to people of any age, and it could play against private insurance plans in the industry.
This Medicare-like public option would likely be significantly more affordable than current private insurance plans, but it’s still not completely clear how coverage will work.
One example of how this public option could work is in payment rates for doctors and other providers. Medicare pays hospitals approximately half of what private health insurance companies pay. As such, a Medicare-like public option with Medicare fees would be a lot more affordable than private insurance plans.
Additionally, this government-sponsored insurance plan wouldn’t have a profit margin like private insurers have. This would also help drive lower premiums.
Changes in Health Insurance Are Coming
Changes in health insurance are approaching, and it’s best to understand these adjustments so you can gain an excellent deal on your coverage.
Here at D2E Health Plans, we’re here to help. Don’t wait to see if these changes will help you save money, we help organizations significantly reduce healthcare costs now. We do this by providing transparent, pre-negotiated discounted fees with local, top-tier medical providers. Get in touch with us today and learn more. Or, fill in an evaluation form here to see if your business qualifies.