Biden Administration Tackles Financial Strains on Healthcare Consumers

Biden Administration Tackles Financial Strains on Healthcare Consumers: Health insurance premiums have grown over the years, primarily due to the rapidly increasing prices charged for care. Between 2016 and 2020 alone, healthcare prices increased at roughly double the rate of general inflation. At the root of these price increases are misaligned incentives across the healthcare ecosystem, including soaring drug prices incentivized by U.S. patent laws and fee-for-service payment models that incentivize the delivery of more services, even if unnecessary, resulting in poorer care quality. Consequently, many individuals and families face financial strain in accessing healthcare.