Will the proposed policies of the Biden Administration have a negative or positive impact on your healthcare?
Remember that healthcare is like retirement planning – it’s very personal. This article examines a few of those policies that will likely impact healthcare in general.
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Will the proposed policies of the Biden Administration have a negative or positive impact on your healthcare? A prevailing view – by about half of the country – is that a Biden Administration will have a positive impact. Another prevailing view – also by about half of the country – is that it will be negative.
Well, no matter your political affiliation, the impact that the Biden Administration will have on your healthcare won’t be settled for quite some time. But more importantly, you should remember that no matter the big-picture changes, healthcare – like retirement planning – is personal.
Nevertheless, let’s examine a few of President Biden’s policies that will likely impact healthcare in general – as it might help you determine whether the impact will be negative or positive to you and your family.
First, remember that no political party has been exclusively great or awful for healthcare – just as no political party has been exclusively great or awful for the stock markets. And while many might view Republican presidents as more bullish and Democratic presidents as more bearish, the data just doesn’t support those views.
Further, while presidential policies do matter, the reality is that policies will not impact individuals and families uniformly. In a country of 328 million, some will benefit from certain policies more and others will benefit less.
According to the U.S. Census Bureau, 9.2% of Americans (that’s about 30 million) did not have health insurance at any point during the year 2019. The better news is that more than 90% of Americans did have health insurance coverage for all or part of 2019 (2020 data not compiled yet). Further:
While the details are still emerging (and might change by the time you’re reading this), at 30,000-feet, the Biden Administration aims to expand Obamacare so that 97% of Americans are insured. And the proposed cost is estimated at $750 billion over 10 years.
Big picture, the Biden proposals call for:
Keep in mind that Biden Administration is still negotiating the details with Congress and there will be a number of changes throughout the next few months.
Further, remember that no matter your political affiliation, the impact that the Biden Administration’s policies will have on your health care won’t be settled for quite some time.
Finally, never forget that health care – like retirement planning – is very personal.
If you have questions, talk to your advisor.
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