4 Midterm Healthcare Proposals That Could Cut Your Monthly Medical Costs
Lower insurance premiums. Cheaper prescriptions. Clear pricing transparency.
Those are just a few of the campaign promises candidates are making ahead of the midterms. But which proposals could leave more money in your budget and which are empty campaign promises just to get your vote?
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In reality, Congress hasn’t approved most of these proposals and their bills haven't passed. Plus, they don’t apply to everyone. Here are four healthcare proposals that could lower your monthly costs if they’re passed.
Lower Monthly Healthcare Premiums
S. 3391 proposed by Ohio Republican Sen. Jon Husted would extend Marketplace tax credits for healthcare premiums. If you're a freelancer, independent worker or self-employed and not covered by an employer's health insurance or Medicaid, you may be able to get cheaper premiums. The lowest premium is $5 per month for eligible members and it goes up from there.
Coverage for Everyone and Lower Prescription Costs
Medicare for All, proposed by Michigan Democratic Senate candidate Abdul El-Sayed promises healthcare for every American. He said he will also fight to make dental, vision and hearing available for everyone.
El-Sayed opposes privatizing Medicare, cutting Medicaid and the Affordable Care Act (ACA) and will fight to lower prescription costs by not allowing Big Pharma to extend patents. Instrumental in former President Joe Biden’s drug price negotiation policy passed into law under the Inflation Reduction Act, he said he will work to lower the cost of all prescription drugs.
Cheaper Medications and More Transparent Healthcare Prices
As part of expanding Trump Rx access, Michigan Republican Senate candidate Mike Rogers claims he will speed up the approval of cheaper generic medications, as posted on his official website.
The new plan, which focuses on working families, has three pillars: transparency, affordability and accessibility, according to his website. Rogers promises to require hospitals and insurance companies to disclose prices, which he said will create competition and lower prices. He supports the government buying medications in bulk, which he said will lower drug costs.
Rogers also said he proposes enforcing transparency of insurance denials and delays. While these changes may help people compare healthcare providers, they don't lower premiums. He hasn't offered details on when his proposals will take effect.
Access to Medicare at Any Age
Iowa Democratic House candidate Christina Bohannan said she wants to let Iowans buy into Medicare at any age. Bohannan said that giving Iowans a Medicare option will increase competition and push corporate healthcare giants to lower prices.
She said she will also fight to keep Insulin, EpiPen and inhaler costs at $35 for everyone.
Bohannan said she will immediately reverse the cuts to Medicaid and ACA tax credits, expand Medicare to cover dental, vision and hearing, speed up approval for cheaper generic medicines and expand Medicare to cover home health costs for family caregivers.
Finally, Bohannan said she would penalize pharmaceutical companies for price gouging faster than inflation.
Beyond pledging to immediately reverse Medicaid cuts and extend ACA tax credits, she hasn’t provided a timeline for implementing her other priorities.
Editor’s note on political coverage: MoneyLion is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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