What does the future of health benefits look like under a Biden Administration?
With the election (and the majority of 2020) behind us, we’re now focusing on expected changes to health coverage and benefits when the new President and Congress take office. Here are some likely actions:
Health experts believe the Biden administration may create a special enrollment period for uninsured Americans to sign up for coverage. Where it was reduced in the previous administration, many hope the increase on marketplace advertising will help to enroll significantly more people with the ACA markets and Medicaid.
Policy Roll Back
Biden is expected to stop or “roll back” on a wide range of policies, such as short-term limited-duration insurance, Association Health Plan expansion, and other non-ACA coverages.
Revise Trump ACA Changes
Health experts also believe Biden will restore Obama-era non discrimination protections and stop approving waivers for Medicaid work requirements, revising guidance for state innovation ACA waivers.
Prescription Drug Cost
One of the proposals in the Biden Administration is allowing Medicare to negotiate prescription drug prices, regulating the start prices of drugs without competition, limiting drug-price increases to the rate of inflation, and allowing personal drug importation.
FDA & COVID Management
Experts suggest Biden will try to depoliticize the FDA and empower the CDC to lead the public health response on Covid-19.
Biden has also shared his interest in revisiting the “public option” under Medicare for Americans and making the option voluntary vs. a single-payer model.
Regardless of the changes that will be made, know that E&M Globa are here for you and will make sure you are always informed of any change to your plan and work with you to ensure you’re happy with your policy. Questions? Give us a call!