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As the political landscape evolves, it seems likely that Vice President Kamala Harris will step into the role of Democratic presidential nominee. If that happens, one area that many people have their eye on is the Affordable Care Act (ACA), a cornerstone of healthcare policy in the U.S.
GOBankingRates spoke to experts in the fields of finance and insurance to weigh in on what the future of the ACA is if Harris replaces President Biden as Democratic nominee.
Also here are money moves to make if you think Harris will win the election.
Strengthening and Expanding the ACA
Rick Kuci, COO of FundKite, a leading fintech funding platform, offers insights into Harris’s potential approach to healthcare reform.
“If Kamala Harris wins the election, the future of the ACA is likely to involve efforts to strengthen and expand it,” Kuci said. “Harris has been a strong advocate for healthcare reform, including proposals to increase subsidies for health insurance, expand Medicaid and introduce a public option to compete with private insurers. These initiatives aim to make healthcare more accessible and affordable.”
Kuci explained a critical point regarding ACA subsidies. “There are ACA subsidies that were put in place during the COVID years and those are set to expire at the end of 2025. It is likely that Harris would look to extend these.”
However, Kuci also explained potential challenges. “What hasn’t been addressed is the ACA’s financial strain on the deficit and whether the nation can afford to keep the subsidies in place. This remains an issue for small businesses that are searching for lower healthcare costs for their employees.”
Continuation of Current Trends
Ethan Pickner, insurance broker and owner at AZ Health Insurance Brokers, anticipates a continuation of current trends rather than drastic changes.
“We wouldn’t anticipate many changes. Under the Biden administration subsidies were expanded and more people are able to qualify for subsidies,” Pickner said. “We have observed a large percentage of health insurance enrollees are able to qualify for those subsidies and expect more people to continue their plans based on the lower premiums.”
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Pickner also said recent legislative changes could impact the insurance landscape. “With the recent legislative changes to Short Term Limited Duration Insurance plans, it creates stricter guidelines for carriers wanting to offer plans outside of the marketplace. In years past it has disincentivized people to stick with alternative options to the marketplace.”
Potential Policy Directions
Both experts suggest that a Harris administration would likely focus on expanding access to healthcare through the ACA. David Damore, Ph.D., professor of political science and Lincy Presidential Chair at UNLV, speculates on potential policy directions.
“If Harris were to win, then she will seek to continue expanding eligibility as Biden has done, while also shoring up Medicaid and Medicare and protecting reproductive health care,” he said.
Impact on Small Businesses
The future of the ACA under a potential Harris presidency is of particular interest to small businesses. Kuci said “small businesses are watching closely for both administrations to outline their healthcare plans since this issue will remain a top concern going into November.”
Balanancing the need for affordable healthcare with the financial realities for the government and small businesses would be an issue on the forefront.
Nobody can tell what tomorrow will bring, but the experts agree that the ACA under a potential Harris presidency would be a continuation and possible expansion of current trends. The balance between expanding access to affordable healthcare and managing the financial implications for both the government and businesses will be a challenge for any future administration to navigate.
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