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Qualifying For Lower Costs

The BidenCare healthcare program seeks to build upon the Obamacare health plan, allowing enhanced coverage to uninsured Americans and those with healthcare insurance. Naturally, this will enable a significant chunk of the US population to qualify for lower costs.

Biden Care is focused on enhancing the progress made under Obamacare and the Affordable Care Act, with a healthcare plan that will make qualifying for lower health insurance costs achievable for 97% of Americans.

This article will walk through the details of qualifying for lower health insurance costs under the Biden Plan.

Qualifying for Lower Health Insurance Costs

If your insurance company charges you exorbitantly high rates, Biden Care presents you with a better, more affordable choice. Medicare is an option available to all those who do not have insurance coverage, invest in insurance from their own pocket, or seek coverage from their employers.

Medicare is a public option that aims to reduce healthcare costs for patients by negotiating reduced prices with healthcare providers and hospitals. It will also increase the efficacy and quality of patient care and offer primary care coverage without requiring any co-payments. It offers immense relief to small businesses that are presently unable to afford insurance coverage for their employees.

Increasing the Value of Tax Credits for the Working Class

BidenCare intends to increase the value of tax credits to offer the American working-class lower premiums and extended coverages. Families that fall between 100-400% of the US poverty level will receive a tax credit, which will allow them to qualify for lower costs on the individual health insurance marketplace.

The dollar amount of financial coverage will be calculated to ensure that the silver plan costs a certain percentage to each family. Exact figures have not been announced as yet, but silver plans are aimed at being highly cost-effective.

Families earning more than 400%, which is around $50,000 for a single person and $100,000 for a family of four, will not be qualifying for lower health insurance costs under this plan, but they will have access to other coverage.

Middle-Class Families

BidenCare will help middle-class families by eliminating the 400% income cap on tax credit eligibility and reducing the limit of coverage cost from 9.86% of income to 8.5%. In simpler words, under this plan, no family will have to spend more than 8.5% of their income on buying healthcare insurance from the individual marketplace.

President Joe Biden also aims to increase the size of tax credits, which will be calculated on the basis of the Gold plan. The plan offers generous coverage, empowering families with access to more generous health coverage with lower deductibles and lesser costs.

Low-Income Americans

Biden Care envisions expanded coverage for low-income Americans, ensuring that the estimated 4.9 million Americans that fall under the low-income umbrella have accessed to premium-free insurance coverage as a public option. This will make them eligible to qualify for lower costs under the banner of Medicaid.

The US states that have already embraced and expanded the Medicaid program will have the choice to expand the population and provide a premium-free public option. Biden Care will ensure that people earning below 138% of the US poverty level enjoy the coverage and qualify for lower costs. These people will be automatically enrolled for the program through their interactions with public schools and programs designed for low-income populations, such as SNAP, amongst other federal and state institutions.

Medicare: The Public Option

With Medicare, Biden presents a public option that allows all Americans to qualify for lower costs and enjoy a more affordable option for coverage. All Americans who find their insurance provider expensive can access this public coverage option.

Middle-class families will enjoy a premium tax credit to assist them in supplementing their income to allow them to pay for health coverage. For instance, a family of four with an annual income of $110,000 will now qualify for lower costs because their premium will be capped at 8.5% of their annual income.

In simpler words, they will make monthly savings of $750 on their insurance payments under the Biden Plan. This plan envisions reducing premiums by half. Suppose a family obtains insurance coverage from their employer. In that case, they can choose between enjoying a better deal with the 8.5% premium cap, allowing them to switch to a better plan and qualify for lower costs.

Under this plan, premium tax credits will be calculated to offer families better access to affordable coverage and qualify for lower costs and deductibles. This will help families reduce their overall yearly spending on healthcare.

No More "Surprise Billing"

A monumental aspect of the Biden Plan is to put an end to "surprise billing." This will allow the American healthcare and insurance consumer to considerably reduce their healthcare spending as the President intends to bar healthcare providers from charging out-of-network rates.

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Every year, Medicare evaluates plans based on a 5-star rating system.

Part B Premium give-back is not available with all plans. Availability varies by carrier and location. Actual Part B premium reduction could be lower. Deductibles, copays and coinsurance may apply.

Based on median Medicare Advantage benefit amounts for dental available across multiple plans and metro areas. Not all benefits available in specific plans or regions.

This information is not a complete description of benefits. Contact the plan for more information.

Limitations, copayments, and restrictions may apply.

[Benefits, premiums and/or copayments/coinsurance] may change on January 1 of each year.

Advertised Pricing:

There are several factors that impact your monthly premium; including your age, geographical location, annual income, dependents, and the type of plan you choose. Monthly premiums do not include out-of-pocket costs.

The advertised price may not be typical. It was generated using the Kaiser Family Foundation's subsidy calculator that was accessed on September 16, 2020. The following parameters were used: 21 year old adult, non-tobacco user, annual income of $24,700 in 2020, no children, and no available coverage through a spouse's employer. The resulting monthly premium was $30 per month (or $360 per year after $2,751 in subsidies) for a Bronze Plan. Even when using the same parameters, the resulting premium and subsidy calculations may be subject to change.