The 2021 Healthcare subsidies are expiring: should we keep them?
By Zoe Parrott
Healthcare subsidies often come in the form of some kind of government assistance when buying healthcare insurance or visiting a hospital/clinic. There are certain health insurance subsidies the US government currently supports, namely Obamacare. However, the 2021 subsidies “ which reduce the price of health insurance for people who buy their coverage in the Obamacare marketplaces,” may be under question with the now Republican-controlled Senate.
Subsidies often increase the demand of the subsidized product. Likewise, if subsidies are allowed to expire, the price of the product will go up. As a result, “ The Congressional Budget Office estimates, ... 3.4 million people will lose insurance”. Current subsidies work mostly as tax credits and reduced premiums. Tax credits subtract a particular amount from the tax returns of a qualified individual. This reduction in income tax provides incentives to citizens to enroll in Obamacare. Regardless of the multitude of small tweaks Obamacare has endured since its inception, its longevity through multiple presidential terms (both conservative and liberal), not to mention its expansive user base of over 21 million Americans and relative cheapness compared to more private insurance options, have served as evidence for its effectiveness for many of its supporters.
Healthcare insurance is an extremely valuable asset to the general American populace, and its benefits can be vast. For example, a benefit could be an overall healthier American society. Further, checking out diseases or illnesses at an earlier stage can prevent them from developing further. Allowing them to develop further may lead to more government spending to treat these diseases, which could otherwise be spent on infrastructural, educational etc. avenues.
Many conservative lawmakers have expressed disinterest or distaste when referring to healthcare subsidies, noting the private benefit hospitals receive from having more patients and challenging the role of government in intervening in or affecting its citizens' healthcare access. Regardless, Obamacare has succeeded in helping the majority of its targeted customer base, and moves to at the very least extend this targeted based to more citizens can be beneficial to those in need.
Works Cited
https://www.nytimes.com/2024/09/30/upshot/obamacare-election-trump-harris.html
https://www.npr.org/sections/shots-health-news/2024/11/02/nx-s1-5170359/aca-obamacare-affor
dable-care-act-health-insurance-election
