The Former Vice President Joseph R. Biden Jr. who is one of the Democratic presidential contenders also in the favor of buy-in, or public option. Mr. Joseph proposing huge new subsidies which are going to make health coverage through Obamacare’s exchanges cheaper and allow new public option which will give access to people to buy into a program similar to Medicare. Mr. Joseph also stated that, under his plan, if people like employer-based insurance policies and facilities, then people are free to get it. Also, Mr. Joseph’s plan would launch a ‘public option’ that is similar to Medicare and will cover primary care without payments.
Medicare is a popular federal insurance program, started in the United States in1966 for the people over 65. This program started under the Social Security Administration (SSA) and currently run and administered by Centers for Medicare and Medicaid Services (CMS). This program also provides health insurance for younger people with some disability status and for the people suffering from amyotrophic lateral sclerosis and end-stage of renal disease.
Mr. Joseph’s plans are unclear regarding the implementation of buy-in and administration regarding rates at which hospitals, doctors and healthcare service providers would be paid. Though he has also promised to lower down the cost of medical services by negotiating with the medical service providers. As per Mr. Joseph, the public option will also cover women’s contraception as well as abortion similar to Obamacare. Mr. Joseph also planning to enroll around 5 million Americans who would have eligible for Medicaid under the expansion program of Obamacare. He also stated that he would design a series of steps to lower the cost of purchasing insurance on the exchange of Obamacare by providing federal subsidies for all citizens irrespective of their income. Mr. Joseph’s plan is also expected to reduce the prices of drugs, and also includes allowing Medicare to negotiate prices with drug manufacturers. However, he is proposing to implement the bill by raising income taxes on the wealthiest Americans which may threaten the overall ecosystem.