Former President Donald Trump recently sparked a debate on health care during a press conference at his Bedminster golf club. He targeted Vice President Kamala Harris over her support for Medicare for All. While Harris no longer supports a single-payer health care system, Trump’s words have many concerned about what her presidency could mean for Americans’ health care premiums and taxes.
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During the press conference, Trump accused Harris of wanting to “abolish very popular private health insurance,” which he claims would force 150 million Americans into “inferior socialist government-run health care systems.” Trump further warned of “massive tax increases” and “rationing and deadly wait times” under such a system. He argued that the U.S. has “the best health care in the world” and that Harris’s policies would destroy this system, leading to what he described as a “communist” approach where “everybody gets health care.”
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While Trump’s statements were alarming, they were not entirely accurate. Harris has previously supported Medicare for All, which aimed to replace private insurance with a universal system. However, she has since distanced herself from this plan. A spokesperson for Harris recently clarified, “The Vice President will not push single-payer as president.” Instead, Harris now supports building on the Affordable Care Act (ACA), which allows for a combination of private and public health care options.
The clash between Trump and Harris on health care highlights a broader debate that could impact your wallet. If Harris did revert to supporting Medicare for All as Trump suggests, that could lead to higher taxes but lower overall health care costs. However, that is not currently where the Democratic candidate’s policies stand.
As it stands, Harris has emphasized her support of President Joe Biden’s initiatives to strengthen the Affordable Care Act and lower prescription drug costs. Among Harris’s plans for health care, four key areas stand out:
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Lower prescription drug costs: Harris passed the Inflation Reduction Act in 2022, which will allow the negotiation of prescription drug prices. When these prices go into effect in 2026, Americans will save an estimated $1.5 billion.
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Pharmacy benefit managers (PBMs): Harris has stated that she’ll start “by cracking down on pharmaceutical companies who block competition and abusive practices by pharmaceutical middlemen who squeeze small pharmacies’ profits and raise costs for consumers.”
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Medical debt: The Harris administration plans to work with states to cancel and create policies to help prevent future medical debts.
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Affordable Care Act (ACA): Subsidies on health care premiums are set to expire in 2025. Harris wants to expand the ACA premium tax credits so they don’t expire.
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The U.S. health care system is imperfect and will likely face ongoing reforms regardless of who takes office. Americans often pay much more for health care than people in other high-income countries. The ACA has made strides to expand coverage and reduce costs, but many Americans are still uninsured or underinsured due to expensive premiums.
As the 2024 election draws nearer, health care will be among the top issues for all parties. It’s up to Americans to take the time to understand what each party’s health care proposals will mean for them.
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This article Trump’s Latest Health Care Attack on Kamala Harris: What It Could Mean for Your Premiums and Taxes originally appeared on Benzinga.com
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Source: finance.yahoo.com