Many promises were made on the topic of health care during the presidential campaign last year. However, only time will tell which of these promises will come to fruition. The results of the recent senate election, giving democrats control of the senate, could have a large impact on which policies will be made official. Here is what the new president has planned for our health care system in his first 100 days:
Health and economic recovery from the ongoing pandemic are a top priority. President Biden recently announced a $1.9 trillion economic relief plan to provide financial assistance to Americans impacted by COVID-19.1 The package includes a plan to provide 100 million vaccines in the first 100 days, as well as $1,400 stimulus checks and expanded unemployment benefits. The first 100 days will be integral in combating the effects of the pandemic, as Biden states “The decisions we make in the next few weeks and months will determine whether we thrive in a way that benefits all Americans.”2 The plan is expected to be presented to Congress in February.
Affordable Care Act
President Biden has made it clear that he plans to expand the Affordable Care Act created under the Obama administration. The plan he laid out on the campaign trail proposes offering every American access to a public health care option like Medicare, while also still providing a private option.3 One aspect of his plan is to “increase the value of tax credits to lower premiums and extend coverage to more working Americans.”3 If approved, the plan could also expand coverage to low-income Americans through the public option that would not be subject to state jurisdiction.3 While expanding coverage, the public health care option would of course mean a tax increase for many Americans, if passed. Biden states his overall goal is to “make the health care system less complex to navigate.”3
Elderly Americans are at a heightened risk in the COVID-19 pandemic, making them a high priority in new health care legislation. In the new proposed health care plan, funding would be provided “for states to deploy strike teams to long-term care facilities that are experiencing COVID-19 outbreaks.”2 Biden has stated that he plans to stand up to prescription drug corporations, protect and strengthen Medicare, and preserve Social Security.4 He’s even mentioned providing help for older Americans who want to keep working.4
It’s important to remember that nothing is set in stone. While we’ll have to wait and see how these plans play out, we will likely see significant changes to our health care system coming soon. These changes also have the capability to change the financial circumstances of many Americans, through possible tax increases. To learn more about possible health care changes and how they could impact you, sign up for a complimentary retirement course today!
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