Biden administration passes bill to help escape high healthcare expenses

By Ayushi Garg  | Date: August 20, 2022

Biden administration passes bill to help escape high healthcare expenses

The healthcare expenses in the United States is skyrocketing. This has urged the central government to bring up laws and bills that could support Americans escape the increasing medical taxes. Of late, President Joe Biden inked legislation extending subsidies for people who seek to buy plans through federal and state marketplaces.

According to credible sources, the sweeping tax, climate, and health care bill sets aside USD 70 billion over the next 3 years to keep out-of-pocket costs for nearly 13 million people.

It has been reported that the bill will extend grants offered temporarily the previous year when Biden and Congress signed off a USD 1.9 trillion coronavirus relief legislation that was created to lower payments and expenses for customers buying plans via the marketplace from Affordable Care Act. It also is constantly looking to limit the costs for families and individuals who are living above the poverty line.

It has been observed that only Democrats were in support of the extended healthcare subsidies and other proposals in the bill while the Republicans criticized the measure stating that it will only worsen inflation in the country. Nevertheless, economists state that the bill will look forward to extinguishing the flames of exorbitant prices.

Apparently, estimates by the Centers for Medicare and Medicaid Services reported that Americans who bought plans in the government website and platforms saved an average of about USD 700 in premium payments from the subsidies this year.

As per an analysis by the Kaiser Family Foundation, it has been estimated that the health insurance premiums in the US marketplace are anticipated to rise substantially in the coming year, depicting a growth of 10%.

Credible to note, the extended subsidies that determine premium payments on income, would protect and insure most people from the price increase.

Source Credit: https://economictimes.indiatimes.com/news/international/world-news/biden-bill-to-help-millions-escape-higher-health-care-costs/articleshow/93652372.cms

About Author

Ayushi Garg     ibmag.com

Ayushi Garg

Currently working as an associate content writer, Ayushi pens down insightful articles for several websites. She began her profession by taking classes in digital marketing to broaden her skills. Given her passion for writing, she took up several freelancing projects ...

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