TL/DR –
Expanded healthcare coverage options have saved Maryland residents $460 million, which would have otherwise been paid out of their pockets. According to the CEO of Maryland Health Care For All, Vincent DeMarco, medical bills are the primary reason for bankruptcy, and the new options will be beneficial to all residents. Healthcare policy consultant Steve Ports adds that the saved amount would have been applied to all Marylanders’ health insurance premiums and the percentage of hospital uncompensated care has decreased from 8.5% in 2007 to 4.3% due to the expansion of Medicaid in 2007 and the Affordable Care Act in 2014.
Maryland Residents Save $460 Million with Expanded Health Care Coverage
Thanks to expanded health care options, Maryland residents have collectively saved $460 million. According to Vincent DeMarco, CEO of Maryland Health Care For All (MHCFA), these cost savings are essential as medical bills are the leading cause for bankruptcy filings.
DeMarco highlighted the benefit to all residents, explaining that the inability of an uninsured person to pay their hospital bill results in uncompensated care, causing premiums to rise for everyone. This effect is sometimes referred to as the ‘hidden healthcare tax’.
Healthcare policy consultant Steve Ports clarifies the significant financial impact of these savings. The $460 million saved would have otherwise been absorbed into the health insurance premiums of all Maryland residents.
Ports notes a significant decrease in hospital uncompensated care from 8.5% of hospital revenue in 2007 to 4.3% currently. This reduction can be traced back to policy changes such as the expansion of Medicaid in Maryland in 2007 and the introduction of the Affordable Care Act in 2014.
Gene Ransom, CEO of the Maryland State Medical Society, indicates that these healthcare expansions have been particularly advantageous for areas like the Eastern Shore. Notably, Queen Anne’s County, which has a high uninsured rate, has seen a decrease in the number of uninsured residents over the past fifteen years. This trend has led to a reduced tax burden and lower insurance premium costs for the county’s residents.
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