Boosting Georgia’s Economy by Closing Healthcare Coverage Gap
TL/DR –
Almost half a million people in Georgia struggle to afford private health insurance but earn too much to qualify for Medicaid. A study by the Georgia Health Initiative indicates that closing this coverage gap could create over 51,000 jobs and boost personal income by $3.6 billion. The study also suggests that the move would be financially prudent, redirecting $3.6 billion of federal tax dollars back into the state.
Georgia Medicaid Expansion: The Economic Impact
In Georgia, nearly half a million people, including small business owners, farmers, veterans, and gig workers, cannot afford private health insurance and just miss qualifying for Medicaid. This healthcare coverage gap is more than a healthcare issue; it represents an economic opportunity.
Benefitting More Than Just Healthcare
Addressing this coverage gap promises economic advantages for all Georgians, contributing to a healthier workforce and ensuring the state’s economic vitality. Recent research indicates that closing the coverage gap could create over 51,000 jobs across various sectors and increase personal income by nearly $900 on average per household, amounting to a $3.6 billion state-wide increase.
Economic Growth & Rural Impacts
The study, conducted by Regional Economic Models Inc. for the Georgia Health Initiative, predicts significant new consumer spending, increased investment, and a potential $9.4 billion increase in state economic output. Moreover, rural Georgians could gain more than 5,600 jobs and an extra $477 million in personal income.
Supporting Rural Healthcare
Closing the coverage gap is crucial in supporting rural hospitals, many of which are struggling. Nine have already closed since 2010, and 18 more are at risk. Addressing the coverage gap could provide hospitals with more reliable reimbursements, incentivize more doctors to practice in rural areas, and improve access to care.
Improved Productivity
Better healthcare access means improved health, leading to decreased absenteeism and increased productivity. Without insurance, many Georgians postpone seeking medical help, resulting in severe illnesses that impact their ability to work and increase healthcare costs for everyone.
Fiscal Responsibility
Closing the coverage gap would also be fiscally responsible, bringing home $3.6 billion of federal tax dollars, with Washington covering 90% of the cost. Additional state savings in child welfare and law enforcement would result from this healthcare reform.
Legislative Action
Notably, 76% of Georgians support closing the coverage gap. Despite this, the Georgia General Assembly has only committed to further study. It’s crucial that legislators take decisive action in the next session to address this issue – the economy of our state depends on it.
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