What the 2024 Election Means for Health Insurance

How the 2024 Election Could Impact Health Insurance Access

Millions of Americans might not be able to get health insurance, depending on the election’s outcome. It determines whether the country stays with affordable and readily available health care or goes back to more costly, limited insurance options.

People might find themselves having to pick Medicare, workplace health plans, and individual health insurance as a result of the policies of both the main political parties, which hold opposing views on the subject of healthcare.

The Role of Health Insurance in the 2024 Election

There were millions of Americans with no insurance in 2023, and many more didn’t have enough coverage. They faced limited coverage and high deductibles despite paying premiums. The Affordable Care Act (ACA) introduced changes that improved access to affordable healthcare, but it didn’t fix the problem.

As voters gear up to head to the polls this year, health insurance will be at the forefront. Will policies continue to build on ACA improvements, or will efforts to scale back health programs take center stage? To get an understanding of what’s at stake, you have to look at how the outcomes could impact Medicaid expansion, premium costs, and consumer protections.

The Potential Impact on Individual Health Insurance

If you use individual health insurance, enhanced premium tax credits are at risk. The government introduced them during the pandemic to make ACA plans more affordable. They expire in 2025, and they’re tax credits that lowered premiums for millions of people. If they get extended, they’ll help ease insurance costs. However, failure to extend the program will lead to premium increases.

Medicare and Medicaid are Key Battlegrounds

Medicare and Medicaid are necessary healthcare options for low-income families and older adults. There are proposals to expand healthcare that would increase the coverage for these groups. The proposals also lobby to lower Medicare’s eligibility age and fill in the Medicaid gap for states that didn’t adopt the Medicaid expansion plan under the ACA. This could help millions gain access to affordable health insurance.

Medicare beneficiaries may also see changes in cost protections and coverage, depending on the election’s outcome. Expansion efforts might include adding more preventive services and prescription drug cost controls, while rollbacks could limit these benefits.

What Group Health Insurance Looks Like

Employers and employees are also keeping eyes on the election to see how it impacts group health insurance policies. Employer-covered plans do provide coverage for a large amount of working-aged Americans, but out-of-pocket costs are concerning.

Proposed reforms could change cost-sharing and premium contributions to make employer plans more affordable for low-income workers. However, other policies try to make it more affordable for employers, and this changes the structure group health benefits runs on.

Discussing Equity in Health Insurance Coverage

One issue in the 2024 election is the question of healthcare access equity. There are several longrunning coverage disparities based on:

●     Race

●     Income

●     Geographic location

Expanding Medicaid coverage in the 10 final states that haven’t adopted it yet could help insure over a million people. Also, there are ongoing debates about offering protection for gender identity, pre-existing conditions, and sexual orientation. These will all play a large role in how accessible coverage stays for more vulnerable populations.

Potential Outcomes

The incoming administration could take away or enhance protections that try to ensure every American has access to comprehensive, affordable health care. It’s possible you could see policies created to help reduce discrimination with insurance extend or restrict coverage opportunities for groups the health care system historically marginalized.

What Voters Should Consider in 2024

There are many issues at stake in the 2024 election, so it's a good idea to look into each candidate's health care proposal. You want to see how it might impact the coverage you have.

The long-term impact on Americans' ability to pay for healthcare coverage may change due to any regulation that affects Medicaid, Medicare, individual, or group health plans. Problems such as medical debt protection, reduced costs, and more equal access to treatment are hotly debated topics.

Securing Your Health Coverage in a Changing Landscape

For personalized help in understanding how changes to general health care policies may impact your coverage, or if you need help picking the right insurance coverage option for your needs, contact Sackett Insurance. We’ll give you expert advice, whether you’re trying to understand the finer points of the Medicare system or trying to find the best group or individual health solution for your company, our experienced brokers are ready to help.

Sources:

●     The Commonwealth Fund

●     KFF

●     Protect Our Care

●     Washington Post

●     US Dept of Health and Human Services

●     Rollins School of Public Health

●     National Academy for State Health Policy