Many people are very concerned with the possibility that healthcare subsidies under the Affordable Care Act may expire this year. This could affect millions of Americans that do not have financial aid, who depend on these subsidies to get health insurance.
These subsidies were first made available as part of the 2021 American Rescue Plan and they were later extended through the 2022 Inflation Reduction Act. These subsidies helped make ACA plans affordable to low- and middle-income individuals. An estimated 4 million people might lose coverage in 2026 if they are not renewed and enrollment would drastically decline, while premiums would surge. According to estimates by the Congressional Budget Office, premium costs could go up as much as 75%, a change many said would force them to reconsider their health options.
Since Republicans are going to control Congress and the White House, they may take other action against the ACA that might include making cuts to to Medicaid funding, rolling back the preventive services mandate established by the ACA, and doing less outreach. Changes in Medicaid would harm vulnerable populations, and reduced outreach would leave many without healthcare options. The future of the ACA could be murky under this scenario. It is unlikely for the entire law to be appealed. However, huge cuts in funding and support would seriously affect millions of Americans.
How to Keep Healthcare Costs Down If Healthcare Reform is Poorly Implemented
People that are concerned about rising health care costs will want to follow the ideas listed below. You can also read our other articles on lowering healthcare costs.
Get a Settlement if Someone Injures You
You don’t want to be stuck paying huge healthcare costs that are someone else’s fault. You may want to work with a Car Accident Attorney if you have been injured in an accident. They can help you get a good settlement that will help cover your medical expenses.
Focus on Comparing Healthcare Plans
Compare health insurance options once per year to identify the cheapest option available. They can choose high-deductible health plans, which are marginally less expensive and also use an HSA with it. An HAS lets you contribute cash tax-free to pay for medical expenses. High-deductible plans are best for people who are practically fit and do not frequently visit the physician.
Focus on Getting Better Preventative Care
Another way to help reduce the cost include is by prioritizing preventive care. Most of the plans cover essential preventive services, like cancer screenings and vaccinations, at little or no cost to the patient. You will want to stay up-to-date with these services to find out early about potential health issues, which saves higher costs in the future.
Try to Follow a Healthier Lifestyle
Also, healthy lifestyle practices like regular exercise, a healthy diet, and giving up of smoking can minimize chronic diseases that lead to higher treatment costs. Lastly, you should be willing to negotiate their medical bills. Many providers will grant payment plans or other types of financial help to patients that are willing to negotiate with them. You need to be as proactive as possible about protecting your health if healthcare costs are going to keep increasing.
Take Advantage of Telemedicine
If you don’t urgently need healthcare services, you may want to consider using telehealth services. Telemedicine is one of the most convenient and cost-efficient ways to work with doctors and healthcare professionals instead of visiting a doctor’s office in person. Many insurance plans also offer this service at a reduced cost.
Look for the Cheapest Prescription Options
We previously talked about how prescription costs are becoming unsustainable. Prescription shopping can help you save on healthcare costs too. Prices may differ between different pharmacies and discount programs or services like GoodRx can help you find major discounts.
People with ongoing prescriptions may find it cheaper to try generic medications, which, as a rule, are much cheaper but equally effective as name-brand ones. For very high-cost medications, some manufacturers and nonprofit organizations offer financial assistance or discount programs, which might be worth inquiring about.
Prioritize Lowering Healthcare Costs as Healthcare Changes Loom
Healthcare costs can be overwhelming, especially in the wake of possible changes to the ACA that will cause out-of-pocket expenses to increase more than ever. While you can’t do much to stop healthcare reform, you can be proactive about making changes to lower your own healthcare costs.
The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.
