Millions of people in the United States will be spared from big increases in health care costs next year after President Joe Biden signed legislation extending generous subsidies for those who buy plans through federal and state marketplaces.
Only Democrats supported the extended health care subsidies and the other proposals in the bill that Biden signed on Tuesday. Republicans criticized the measure as big government overreach that will only worsen inflation. In reality, economists say, the bill will do little to either fan or extinguish the flames of exorbitant prices.
As costs dropped, more people signed up for the coverage over the last year and the number of those without health insurance dropped to an all-time low of 8% in August, the Department of Health and Human Services announced. Roughly 26 million people, 2 percent of them children, remain uninsured in the U.S.
State officials predict about 220,000 people will be saved from being priced out of coverage. Between 2 million and 3 million people in California might also turn to the state marketplace if they lose coverage through Medicaid when the federal government’s COVID-19 public health emergency expires. About 15 million people in the U.S. have been extended Medicaid coverage during the pandemic.
Some parents, for example, sign their children up for Medicaid but skip buying coverage for themselves, he said.
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Biden bill to help millions escape higher health care costsMillions of people in the United States will be spared from big increases in health care costs next year after President Joe Biden signed legislation extending generous subsidies for those who buy plans through federal and state marketplaces.
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