“Competition and the option of private insurance plans remain central to this approach,” said Linda Blumberg, an institute fellow at the Urban Institute’s Health Policy Center.
His original plan, unveiled in the summer of 201
Here’s how Biden would change health insurance:
These subsidies would limit the premiums to a maximum of 8.5% of income, rather than around 10% under the Affordable Care Act. And Biden would be more likely to tie the premium subsidies to more generous gold plans that have lower deductibles and outlay costs than silver policies, so participants would spend less when they see the doctor or hospital.
Individuals with job-related coverage could buy policies on the Affordable Care Act exchanges and receive subsidies that are currently illegal.
Also, more than 12 million people on employer-related contracts would pay a smaller portion of their income for health insurance by switching to exchange plans, Kaiser noted.
Create a public option: The former vice president would offer a state health insurance option on the Affordable Care Act exchanges that would compete with private plans. The campaign didn’t provide many details about the option, but the goal would be that it could offer lower premiums as it could use the weight of the government to negotiate lower payment rates for providers, much like Medicare does.
Cover More Low-Income Americans: Biden would automatically enroll uninsured, low-income Americans for either the public option or Medicaid, depending on whether their states extended Medicaid to those below 138% of the poverty line, or approximately $ 17,600 for one person. Those included in the public option would not have to pay any premiums.
Lower the Medicare Eligibility Age to 60: Alluding to Progressive, Biden agreed to add a measure to his platform that would allow older Americans to enroll in Medicare at 60 instead of the current 65.
Allow Medicare to Negotiate Drug Prices: The former vice president would urge repealing the law preventing Medicare from negotiating with drug manufacturers. It would also limit introductory prices for drugs that do not face any competition. And it would allow consumers to buy medicines from other countries.
Let undocumented immigrants sign up for unsubsidized coverage: Biden would allow the undocumented individuals to enroll on the Affordable Care Act exchanges, but they would not be eligible for federal grants.