Most people will notice that things will begin to change around an election year. The gas prices tend to go down; politicians start coming out with more community projects, and there tends to be more face time with local and national politicians than we see in other years. One change that we could see next year is a change with something that we all hold and need -our insurance rates. Here are some ways and reasons why our insurance and insurance rates could make a change throughout the 2016-2017 year.
Healthcare System Change
Currently, we have a nationwide marketplace that offers insurance to citizens of the United States. This makes healthcare possible for everyone, including those who were deemed un-insurable due to preexisting conditions. The current healthcare system was put into place by the current congress and president. Several presidential candidates, especially on the opposite side of the aisle, such as Donald Trump and Ted Cruz have expressed interest in dismantling the current system. This could lead to higher insurance costs, especially for those who had issues getting insurance under the old system. Higher rates are likely to be available for most people due to the heavy changes that the system will have to go through, in the beginning, stages.
Auto insurance rates appear to be increasing with the passing of time and the increase in technology. More and more people are getting into wrecks because they are distracted by cellular phones. For this very reason, auto insurance rates are increasing for everyone. Expect liability and full coverage insurance to increase for most drivers on the street if the trend of texting or social media and driving continues.
Insurance Reform for No-Fault Claims and Funds
Most states have an uninsured driver fund that allows for drivers who are hit by those who have no car insurance to get the medical care help they need. In places such as Michigan, the amounts are decreasing or being limited as far as lifetime plans. This means that those who wish to be safe, need to carry proper medical insurance and AARP life insurance policies. This will keep all victims of crashes safe and able to care for themselves despite state cutbacks.
States Accepting Medicaid Expansion
Currently, it is up to individual states to determine if they will accept funds from the government to expand Medicaid. The people who are in states that have not adopted the expansion will likely have higher insurance costs than people in states that have adopted the expansion. As states vote again to change their minds about adopting plans, it’s possible that plans will change.
Depending on the outcome of the presidential election and state election, there is a chance that taxes could increase. This means that you will have to look at your budget and determine whether cutbacks in your finances will need to be made. Under a president like Bernie Sanders, those who have lower incomes will likely see more money while those who make more could be hit with a higher tax bracket. Under a Republican president, such as front-runner Donald Trump, overall taxes may decrease. for the wealthy, making a deficit that needs to be picked up by everyone.