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What is the fate of Medicare?
Josh Thompson, CEO atImpact Health USA, spoke with GOBankingRates about howa second term for Bidencould change Medicare.
It is likely that President Biden would continue these efforts with a second term.
This expansion may result in increased bureaucracy, making the system more inefficient and less responsive to patients needs.
If Biden wins again in November, he will likely continue doubling down on this.
Its a move that, in Thompsons opinion, could stifle innovation in the pharmaceutical industry.
He could continue to vie for the age to be lowered in a second term.
This move could also createlonger wait timesand reduced access to care for current beneficiaries.
But this may not be as big a fix as what is needed.
Bidens efforts to simplify the enrollment process might not address the fundamental issues within Medicare, Thompson said.
Simplified interfaces wont fix the inherent inefficiencies and could mislead beneficiaries about the true state of their coverage.
Increased funding for Medicare through higher taxes on the wealthy could havebroader economic implications, Thompson said.
These tax hikes might discourage investment and economic growth, ultimately affecting the middle and lower classes.
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