If you currently use Medicare or Medicaid, there is likely to be no significant change. Both major Parties have focused more on health care for those not in those programs, however, in general, the Republican party favors reducing the costs of Medicare and the Democratic Party favors maintaining or improving the programs. For a detailed article on this topic, see this article.
For those not in either the Medicare or Medicaid programs, if split government prevails, as seems to be the most likely scenario, one can assume that few changes will happen but that the legal challenges to the Affordable Care Act (Obamacare) will cease. With the Trump Administration never offering a replacement health care act, the protection for those with preexisting conditions will continue to be upheld by the ACA. The one remaining uncertainty is whether the Supreme Court will invalidate the ACA, in a case currently being argued before the Court. If the Court were to strike down the Affordable Care Act, look for Congress to pass some watered-down replacement health plan that would protect pre-existing conditions, but the result is unpredictable. It would also be possible that no replacement plan would be passed.
The Biden plan for health care is here. The major planks are: Give every American access to affordable health insurance, Provide affordable, quality health care, and a less complex health care system, Stand up to abuse of power by prescription drug corporations, and ensure health care is a right for all, not a privilege for just a few.
Those general goals are probably shared by most Americans but the details can become very difficult to implement. However, with a divided government making any changes will be quite difficult. If you are struggling to cover your current healthcare costs, perhaps you can tap into the value in your life insurance policy by selling the policy. If you are 75+ (or 65+ with significant health issues) and have a whole life, term life or universal life policy, and you would like to stop paying for that policy and instead get paid for it, please contact us at firstname.lastname@example.org or through the form below. We’ll be in touch with you to answer your questions.