Gephardt: What Impact Will Biden Administration Have on Your Health Insurance and its Costs?
SALT LAKE CITY, Utah – Your health insurance has been a lightning rod in politics for more than a decade. What will the Joe Biden presidency mean for your coverage and the price you’ll pay for it?
When Barack Obama won the presidency, it was chaos in the health insurance world with Obama promising to change the rules.
Then, Donald Trump won creating a new wave of chaos with his promises to repeal and replace Obama’s Affordable Care Act.
Now, as Joe Biden prepares to take office, again the promise of change.
Biden will “build on the Affordable Care Act by giving Americans more choice, reducing health care costs, and making our health care system less complex to navigate,” his website states.
Will that mean more turbulence in the insurance world or yours?
The KSL Investigators took to Les Masterson, an insurance expert and managing editor for Insurance.com. “When Obama took over, there were a lot of changes right off,” said Masterson. “When Trump took over, there’s a lot of changes.”
One thing that is clear, he added, is the baseline.
With Biden in office, the Affordable Care Act is safe. Plus, Democrats did not have enough gains in Congress on Election Day to make any significant changes to the act.
“You’re not going to see Medicare for all,” estimated Masterson. “Public option probably won’t happen.”
Masterson’s prediction: No Chaos. “Yeah, there’s definitely stability,” he said. Stability is a good thing for Wall Street, Masterson explained. “After the election, after it was called for Biden, you saw the health insurance stocks start going up immediately,” he said.
That’s also generally good for your health insurance premiums. “It’s good for rates and keeping rates down.”
After a decade-plus of turbulence, Masterson thinks Americans could use a little status quo for their healthcare.