Healthcare spending in the US is the highest among any other developed nations in the world. Verdict has conducted a poll to assess whether the US election outcome will lead to lowering of healthcare costs.
Analysis of the poll results shows that Joe Biden’s win and control over Congress by the Democrats will lower healthcare costs, as opined by 48% of the respondents.
A lesser 25% of the respondents voted that healthcare costs will be lowered if Donald Trump wins the election and the Republicans have control over Congress.
A minority 2% of the respondents voted that healthcare costs will be lowered if Donald Trump wins the election, but Democrats have control over Congress, while another 2% of the respondents opined that the outcome of the election will not have any impact on lowering of healthcare costs.
The analysis is based on 409 responses received from the readers of Verdict network sites Hospital Management, Medical Device Network, and Pharmaceutical Technology between 28 September and 09 November 2020 and by industry experts through a survey between 07 October and 26 October 2020.
Impact of the US election results on healthcare costs
One of the main factors driving high prices in the US is commercial prices of healthcare plans provided by employers or private health plans. Rising costs have led to higher premiums, deductibles and co-payments, which increase the burden on the people as they struggle to afford healthcare.
While Joe Biden plans to expand the Affordable Cares Act (ACA), Donald Trump planned to completely end it replace with a new plan. The ACA helped in increasing healthcare coverage and reduced the number of uninsured from 46.5 million to 30 million after it was passed.
Biden’s policies are expected to cover more people by providing subsidised health insurance through tax credits. They also focus on lower income groups, which is expected to have a positive impact amid the COVID-19 pandemic.