How much does Biden's health plan lower premiums?

[Greenbeard]

KFF takes a crack at this question today.

The link below is worth following, as they've got some very helpful Tableau graphics embedded in the page that allow you to run different scenarios for folks of different ages and incomes. But I've thrown in some snips below as examples.

One word of caution is that these calculations may understate the savings because they assume Biden revises the ACA's income-based premium caps based on the House Dem's H.R. 1884, which was proposed in this session. Except that the House Dems actually passed a different bill, H.R. 1425, this year that provides for even lower caps than that, meaning more generous subsidies. Unclear why KFF used the former instead of the latter in making these graphics. Other than that, they're excellent.

Affordability in the ACA Marketplace Under a Proposal Like Joe Biden's Health Plan

In this portion of the analysis, we focus on the effects of Joe Biden’s health plan on people who are currently purchasing their own coverage, or who would be purchasing this coverage but have been priced out. Biden has proposed building on the ACA by increasing the amount of financial assistance and expanding subsidy eligibility beyond the current range of 100-400% of poverty for Marketplace purchasers. In his plan, Biden would peg the benchmark for premium tax credits to the second-lowest cost gold plan instead of the current silver benchmark, meaning premium subsidies would be higher and Marketplace purchasers could more easily afford a lower-deductible plan.

Biden would reduce the maximum premium contribution cap to 8.5% of an enrollee’s income for a benchmark gold plan (currently the cap on enrollees’ contributions toward the benchmark silver plan is just under 10% of income). He would also remove the upper income limit on premium subsidies, extending the new 8.5% premium cap to higher-income enrollees, and so eliminating the “subsidy cliff.”

 

[Aletheia]

premium caps? Woah, didn't hear about that one in Trump's new masterpiece.

The only time I hear about caps from the right, are on social security contributions.

 

[Greenbeard]

premium caps? Woah, didn't hear about that one in Trump's new masterpiece.

The only time I hear about caps from the right, are on social security contributions.

Biden's Plan would build on the caps the Affordable Care Act already put on low-and-middle income people's contribution to premiums in the marketplaces. Makes the caps not only lower, but applies them to lower-deductible gold plans instead of silver. So people not only pay less, they get a more generous (lower deductible) plan for their dollar.

Meanwhile Trump's "plan" is to close the marketplaces and throw tens of millions off their coverage.

 

[ReubenSherr]

When has Joe outlined his health care plan in detail?

I'd like to see him explain all these details, without using a teleprompter.

Tomorrow night would be perfect.

 

[ReubenSherr]

Biden's Plan would build on the caps the Affordable Care Act already put on low-and-middle income people's contribution to premiums in the marketplaces. Makes the caps not only lower, but applies them to lower-deductible gold plans instead of silver. So people not only pay less, they get a more generous (lower deductible) plan for their dollar.

This is BS.

You can't create money out of thin air.

Lower caps, premiums, and deductibles for the most needy Americans means higher caps, premiums, and deductibles for working class Americans who don't have employer-provided insurance.

 

[Greenbeard]

This is BS.

You can't create money out of thin air.

Lower caps, premiums, and deductibles for the most needy Americans means higher caps, premiums, and deductibles for working class Americans who don't have employer-provided insurance.

The Biden Plan removes the 400% FPL limit on eligibility for premium tax credits. Any family buying insurance on its own can get them under the Biden Plan.

 

[Checkerboard Strangler]

All of this is moot if the Supremes rule ACA unconstitutional.
For them, the "exploding cigar" in that is the fact that, if ACA IS ruled unconstitutional, then the path is cleared for single payer instead. And that is a battle SCOTUS would lose.

 

[ReubenSherr]

The Biden Plan removes the 400% FPL limit on eligibility for premium tax credits. Any family buying insurance on its own can get them under the Biden Plan.

Tax credits don't help with deductibles and co-pays.

A working class individual buying his/her own insurance could be netting $50,000 a year, and receive very little financial assistance. Meanwhile, this individual cannot afford premiums (minus the assistance), deductibles, and co-pays. And end up not being able to make rent.

All this "free money" needs to come from somewhere.

 

[Greenbeard]

Tax credits don't help with deductibles and co-pays.

The reason the Biden Plan make gold plans the benchmark for calculating the tax credits (as opposed to the silver plans used today) is that it makes it easier for families to afford more generous coverage with lower deductibles and copays. Not only do their premium contributions drop, their deductibles are lower as well.

 

[vesper]

Hopefully Chris Wallace will ask Biden about his healthcare plan in detail tomorrow night.

 

[Manc Skipper]

Tax credits don't help with deductibles and co-pays.

A working class individual buying his/her own insurance could be netting $50,000 a year, and receive very little financial assistance. Meanwhile, this individual cannot afford premiums (minus the assistance), deductibles, and co-pays. And end up not being able to make rent.

All this "free money" needs to come from somewhere.

Trump's beautiful alternative has been about to appear for four years now. Where is it?

 

[Integrityrespec]

The reason the Biden Plan make gold plans the benchmark for calculating the tax credits (as opposed to the silver plans used today) is that it makes it easier for families to afford more generous coverage with lower deductibles and copays. Not only do their premium contributions drop, their deductibles are lower as well.

I seem to remember Obama and the democrats promising coverage for all and at a cheap price. Neither of those promises materialized. What makes anyone think it will this time?

 

[ReubenSherr]

Hopefully Chris Wallace will ask Biden about his healthcare plan in detail tomorrow night.

Honestly, I need to see Biden outline this plan in detail. Without a teleprompter.

And explain how everyone's premiums, co-pays, and deductibles could all be reduced. Rather than the financial burden simply being shifted from those with preexisting conditions to working class individuals who already have medical issues, and have expensive medical bills every month.

 

[Taylor]

This is BS.

You can't create money out of thin air.

He wants to double the captial gains tax. Don't know if that will cover it, but I do know that if I were retiring soon and planning to live off of investments, I'd take a good, long look at what the Democrats are planning.

 

[vesper]

Honestly, I need to see Biden outline this plan in detail. Without a teleprompter.

And explain how everyone's premiums, co-pays, and deductibles could all be reduced. Rather than the financial burden simply being shifted from those with preexisting conditions to working class individuals who already have medical issues, and have expensive medical bills every month.

I want to see him outline it without a teleprompter too!

 

[uptower]

I seem to remember Obama and the democrats promising coverage for all and at a cheap price. Neither of those promises materialized. What makes anyone think it will this time?

Well they covered more people not fewer. Trump and the GOP want to remove coverage for millions, so that's a losing bet in the end. The only way voters will 'tolerate' that is if they can't vo...oh wait.

 

[Greenbeard]

I seem to remember Obama and the democrats promising coverage for all and at a cheap price. Neither of those promises materialized. What makes anyone think it will this time?

Tens of millions of people have gained covered or found a better deal under the ACA. However, the financial assistance could certainly stand to be more generous, which is what the Biden Plan does. And of course there's more to be done to improve market functioning (e.g., the surprise billing and antitrust enforcement provisions of the Biden Plan) and tackling prices (e.g., the Medicare drug price negotiation and public option in the Biden Plan). But obviously the affordability piece is the most immediately impactful component of it all.

Ten years ago Congress didn't realize how much health care cost growth would slow down after the ACA passed. They were trying to keep the 10-year price tag for the law under a trillion dollars; turns out it actually cost somewhere closer to half that. The entire country saved about $2.7 trillion in health care costs cumulatively during the first decade of the ACA. It's time to put money back into the financial assistance to provide more relief from premiums and deductibles.

Good guesses, but wrong

As an eventful decade for health care draws to a close, it's fun to think back a decade to all the fighting over what was going to happen to health care costs under the Affordable Care Act. I'm reminded of two bookends: The buzzkill scenario put out by the Office of the Actuary at CMS in April...

debatepolitics.com

And explain how everyone's premiums, co-pays, and deductibles could all be reduced. Rather than the financial burden simply being shifted from those with preexisting conditions to working class individuals who already have medical issues, and have expensive medical bills every month.

Wouldn't just rambling about his big beautiful plan and promising to do it all by executive order satisfy you?

Regardless, working class individuals have caps on their premium contributions, which protects their income.

 

[cabse5]

This is BS.

You can't create money out of thin air.

Lower caps, premiums, and deductibles for the most needy Americans means higher caps, premiums, and deductibles for working class Americans who don't have employer-provided insurance.

It seems that way. To me, the only way to make a heath care for pre-existing conditions work is if the gov't ran it and paid for it. A type of Medicaid just for people with pre-existing conditions.

 

[Moderate Right]

KFF takes a crack at this question today.

The link below is worth following, as they've got some very helpful Tableau graphics embedded in the page that allow you to run different scenarios for folks of different ages and incomes. But I've thrown in some snips below as examples.

One word of caution is that these calculations may understate the savings because they assume Biden revises the ACA's income-based premium caps based on the House Dem's H.R. 1884, which was proposed in this session. Except that the House Dems actually passed a different bill, H.R. 1425, this year that provides for even lower caps than that, meaning more generous subsidies. Unclear why KFF used the former instead of the latter in making these graphics. Other than that, they're excellent.

Affordability in the ACA Marketplace Under a Proposal Like Joe Biden's Health Plan

Yes, and if you like your doctor you can keep your doctor. If you like your plan you can keep your plan.

 

[Greenbeard]

Yes, and if you like your doctor you can keep your doctor. If you like your plan you can keep your plan.

The savings to consumers under the Biden Plan are easy to calculate. You can pick any family situation (ages and family size) and any place and figure out how much lower their 2020 premiums would be if the Biden Plan was already in effect. It's just math!

 

[Moderate Right]

The savings to consumers under the Biden Plan are easy to calculate. You can pick any family situation (ages and family size) and any place and figure out how much lower their 2020 premiums would be if the Biden Plan was already in effect. It's just math!

Biden's plan is to add even more onto the nation's 27 trillion dollar debt.

 

[Greenbeard]

Biden's plan is to add even more onto the nation's 27 trillion dollar debt.

I remember the same predictions about the finances of the ACA. That was before it ended up costing half of and saving twice what was projected. And before it saved the nation almost $3 trillion over a decade--well above expectations!

But you stick with taking away people's coverage and raising their costs. We'll see how that plays!

 

[Moderate Right]

I remember the same predictions about the finances of the ACA. That was before it ended up costing half of and saving twice what was projected. And before it saved the nation almost $3 trillion over a decade--well above expectations!

But you stick with taking away people's coverage and raising their costs. We'll see how that plays!

Part of Biden's plan is to increase subsidies. That money doesn't come from the tooth fairy.

I AM SO ****ING FRUSTRATED! Nobody ever tries to decrease the cost of healthcare! No one! Biden's plan is to let the high costs continue and find ways to pay for those higher costs so that Americans don't have to. Why not just decrease the costs in the first place? Jesus H Christ.

 

[PIPEWRENCH]

Nothing is free and somebody has to pay. The only way to reduce cost is to get all the people getting rich off of our health care out of the loop. The other major problem is insurance companies decide what procedures are needed not doctors. It is costing people too much including their lives in a lot of cases.