Noam Levey reports for KFF Health News that President Trump’s policies will lead millions of Americans to face higher medical bills. Today, some 100 million Americans have some form of medical debt. As new Republican policies kick in, still more Americans will likely incur medical debt.
The Congressional Budget Office projects that 17 million people will lose health insurance in the next ten years as a result of Trump’s tax bill, signed into law earlier this month. People with Medicaid and Medicare will suffer significantly.
In addition, corporate health insurers are raising their premiums a lot. That too will take a big toll as more Americans with health insurance face high deductibles and larger out-of-pocket costs.
There’s more. The federal government is allowing insurers to charge for Covid vaccines, meaning that more Americans are likely to have to pay for this protection or forgo the vaccine. And, states can charge as much as a $35 copay to people with Medicaid receiving physician services.
Moreover, watch out if you need a loan and you have incurred medical debt. The Trump administration reversed a Biden administration consumer protection set to take effect shortly, that would have made it easier and less expensive for people with medical debt to take out loans. As a result, your medical debt will appear on consumer credit reports, raising your interest rate on a loan and possibly preventing you from getting a loan altogether.
That puts Americans who cannot pay their medical bills at risk of lower credit scores, hindering their ability to get a loan or forcing them to pay higher interest rates. Getting a home or a car becomes all the more difficult.
As a result of Republican policies, the financial security of millions of Americans is at grave risk. The health security of millions more Americans is also at grave risk. People with costly conditions will forgo needed care because they fear incurring more debt.
Here’s more from Just Care:
- Medical debt on the rise
- Medical debt plagues 100 million Americans
- Cancer patients face particularly severe medical debt
- Programs that lower your health care costs if you have Medicare
- How to get free or low-cost dental care
