Biden’s 2023 budget would expand Medicaid and cut prescription drug costs: CBPP

Personal health care spending in the United States could be reduced if the federal government passes Biden’s budget proposal for fiscal year 2023, the CBPP said. (iStock)

The White House recently unveiled President Joe Biden’s budget proposal for fiscal year 2023. Among other things, it would fund legislation to lower the cost of prescription drugs, lower health care premiums, and maintain the Child Tax Credit ( CTC) improved.

The Biden administration estimates the budget would reduce the deficit by more than $1 trillion over the next decade by raising taxes on corporations and the wealthy, without raising taxes on households earning less than $400,000 a year. .

This claim was endorsed by the Center on Budget and Policy Priorities (CBPP), which stated in a new report that Biden’s 2023 budget would “fully pay for” policies aimed at closing the Medicaid coverage gap and reducing health care costs for low-income households.

“President Biden’s 2023 budget calls for a series of policies that would boost opportunity and reduce poverty, improve health and well-being, and advance widely shared prosperity, funded by proposals to make the national tax system more stronger and fairer,” said CBPP President Sharon Parrot. said in a press release.

Keep reading to learn more about the impact Biden’s budget proposal could have on your healthcare costs in 2023. And if you’re struggling to keep up with unpaid hospital bills, consider your options like interest-free payment plans and debt consolidation. You can visit Credible to compare debt consolidation loan interest rates for free without affecting your credit score.

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CBPP analysis of Biden’s 2023 budget finds extensive health coverage

The White House said the president’s budget for fiscal year 2023 would include investments in health, education and economic opportunity.

This first goal is the focus of many American adults who are burdened with the cost of healthcare expenses – medical debt is the leading cause of bankruptcy in America. The CBPP found that Biden’s budget proposal:

  • Reduce the price of prescription drugs by giving Medicare the power to negotiate with drug companies and capping annual cost increases.
  • Extending the current Affordable Care Act (ACA) premium tax credit to keep health insurance premiums from rising for millions of policyholders when it expires in December.
  • Providing health insurance plans to more than two million uninsured Americans who live in states that have not embraced Medicaid expansion.
States that have not adopted expanded Medicaid coverage

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Economists at CBPP previously called the Biden administration to include these policies in this year’s economic package, adding that it is “critical to avoid rolling back health coverage rates, especially as high inflation weighs on family budgets.

If you’re struggling to pay health care costs when inflation is at a 40-year high, you might consider bundling medical bills and other high-interest debt into a consolidation loan. fixed rate debt. You can learn more about debt consolidation by contacting a Credible expert.

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How to deal with unpaid medical bills

Although Biden’s proposed budget has the potential to reduce health care spending, the CBPP estimates, it does not offer relief to the 18% of Americans who already have medical debt resulting from out-of-pocket expenses. Here are some ways patients can get rid of their unpaid medical debt:

Negotiate with the supplier or debt collector. Nonprofit hospitals are required by federal law to offer financial assistance programs for low-income patients, which may include reduced-cost care or interest-free installment plans. Depending on your creditor, it may be possible to settle your medical debt for less than you owe. The Consumer Financial Protection Bureau (CFPB) offers tips for negotiating medical bills in collections.

→ Use medical financing plans. Some health care providers offer payment plans that allow you to pay your hospital bill over time in fixed monthly installments. Other doctors may offer interest-free or low-interest financing through medical credit cards. Keep in mind that these types of credit cards typically come with a high purchase APR and you may be charged deferred interest if you miss a monthly payment.

→ Consolidate bills into a fixed rate loan. Unsecured personal loans provide lump sum financing that you repay in fixed installments over a set period of time, usually a few years. This type of loan is commonly used to consolidate higher interest rate debt into one monthly payment. It is important to note that applicants with very good credit will see the lowest possible rates, while those with fair or poor credit may see prohibitive interest rates.

If you’re considering taking out a personal loan to consolidate your debt, it’s important to compare rates from several online lenders. Shopping around ensures you get the most competitive deal for your financial situation. You can compare personal loan rates in the table below and by prequalifying on Credible’s online financial marketplace.

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Kayleen C. Rice