Limit Surprise Medical Bills and Reduce Health Care Expenses

 

The President administration has announced its intention to restrict the sale of “junk” insurance policies, including short-term plans that may not provide adequate coverage for individuals who are in-between jobs and require temporary health care coverage. These policies have been known to deny basic coverage to policyholders.

On Friday, President announced a set of fresh measures aimed at reducing health care expenses. These include taking action against fraudulent insurance policies, offering guidance to prevent sudden medical bills, and reducing medical debt associated with credit cards.

These initiatives complement previous efforts to limit health care costs, including the introduction of a cap on out-of-pocket expenses as part of the Inflation Reduction Act last year. The Department of Health and Human Services has estimated that around 18.7 million Medicare beneficiaries and older adults will save approximately $400 per year on prescription drug costs by 2025 as a result of this cap.

As inflation continues to be a top concern for voters, the Democratic president is gearing up for his 2024 reelection campaign by highlighting his policies aimed at assisting families with managing their expenses. Additionally, the government is offering incentives to encourage private sector development of clean energy, electric vehicles, and advanced computer chips.
However, Republican lawmakers have criticized these policies, claiming that they have led to higher prices that negatively impact families. In response, the President administration is planning to restrict what it calls “junk” insurance policies, including short-term plans that may not provide basic coverage for individuals transitioning between jobs and in need of temporary health care coverage.

https://www.allzonems.com/limit-surprise-medical-bills-to-reduce-healthcare-costs/