The Affordable Care Act, also known as Obamacare, is getting a facelift so-to-speak with a new expansion proposed by the democratic party. The expansion would be the first addition since its inception in 2010 under the Obama administration.
What We Know:
- The newest expansion for the Covid relief package has a total cost of $1.9 trillion dollars. What that means, according to an article featured on CNET, is that the bill will help those families and individuals struggling by providing a third stimulus check for around $1,400, extended federal unemployment benefits until the end of August, and fund Covid vaccines distributions. This is all in the timeline of mid-tax season and during a push to raise the national minimum wage.
- President Joe Biden released a Twitter statement yesterday regarding the course of the new care act expansion:
On February 15, my Administration opened a special enrollment period for health insurance and more than 200,000 Americans have already gotten covered. It’s an encouraging sign, but we have further to go. Head to https://t.co/gRX1fGFEzj before May 15 to get covered.
— President Biden (@POTUS) March 3, 2021
- A USA Today article breaks down the information with the example that a 64-year-old woman making over $50k could see her health insurance premium go from $12k to under $5k. Another scenario would be a 21-year-old earning under the poverty line would be able to afford a premium free marketplace plan with lower deductibles than what they initially would qualify for.
- President Biden is also looking to lower the age for his Medicare for More to the eligibility age of 60. As well as provide those who do not have Medicare the voluntary option to be automatically enrolled in the program that will support their needs, while allowing those with private healthcare the option to stay private.
The updated plan has reached the senate and is now waiting to be voted on. The Democratic party believes that it could be signed by the President as early as next week. The price tag may be the only thing that will create a roadblock; however, more updates to come.
