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In the future, more Plano health insurance consumers may find themselves enrolled in Medicaid. According to a recent report, the individual cost of Medicaid is now less expensive than being enrolled in Obamacare.
The Congressional Budget Office (CBO), the non-partisan government department tasked with tracking costs, has estimated that the federal government will spend an average of $6,300 on each individual who purchases subsidized health insurance through the Affordable Care Act’s (ACA) exchanges. In contrast, each Medicaid recipient cost only $4,900. This lower figure is in part to the law’s recent expansion. The CBO has also estimated that by 2028, the federal government’s costs will be approximately 55 percent higher to subsidize Obamacare enrollees versus Medicaid.
Progressive health insurance advocates have argued that these projections ultimately point to the need to a single-payer health insurance solution like Medicaid, something which was debated prior to the implementation of the ACA in 2014. Others have argued that private insurance offerings are still superior based on quantity of choice options and perceived quality differences.
If enrollees of health insurance in Plano eventually have the ability to join Medicaid, the implications to the health care marketplace would be immense. It would open up access to health insurance to thousands more people. Currently, subsidies on private exchanges are only permissible for individuals and families that make up to 400 percent of the poverty line. “With the elimination of the individual mandate, premiums and the cost of health insurance has increased,” says Rick Thornton, a Plano health insurance agent, “but I believe there still will be a future for the ACA or some sort of public/private mix. Part of the implications, of course, will be based on political changes.”
Consumers like those in Plano, TX should continue to expect an ever-changing health insurance environment as federal and state governments determine how to provide quality care cost-effectively.
Insurance4Dallas, (I4D), helps insure all of Texas, Oklahoma, Arkansas, Arizona, Louisiana, New Mexico, Alabama, Virginia and Florida. Insurance4Dallas provides consumers with detailed information on health insurance with the ability to purchase health insurance online. Insurance4Dallas provides a full spectrum of health, dental, vision, life and ancillary insurance products, providing a diverse selection of price and benefit options complemented by personal customer service. Available via phone, email or fax, Insurance4Dallas answers consumer questions throughout the purchasing process and during the utilization of its health insurance policies.
Release ID: 392243