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Joe Biden speaks at an event about affordable health care. Photo: Jim Watson/AFP via Getty Images

Joe Biden's proposal to increase Affordable Care Act subsidies and open the marketplace to people with employer insurance could save millions of people hundreds of dollars a month, according to a new Kaiser Family Foundation analysis.

Why it matters: Biden's plan to build on the ACA — making it more affordable and drawing more people onto its exchanges — sets up a stark contrast with President Trump's vision, which is to tear the entire law down.

The big picture: Biden's proposal for a public option got a lot more attention during the primary, as it was contrasted against Medicare for All.

  • While less flashy, expanding ACA subsidies could enormously benefit middle-class people — particularly older people who live in more rural areas — who don't qualify for subsidies and so spend a large portion of their income on premiums each month.
  • It could also be helpful for people who spend a lot on employer insurance, but are barred from choosing a subsidized plan on the individual market.

Driving the news: Affordable coverage options have become even more important during the pandemic, as millions of Americans lose their jobs and their insurance.

  • Employers looking to reduce expenses are increasingly opting out of providing health coverage, a problem that is likely to get worse, the NYT reported yesterday.

By the numbers: Biden has proposed to limit what anyone pays in premiums to 8.5% of their income, and to change the way subsidies are calculated.

  • This would lower the cost of coverage for nearly everyone who is already enrolled in an ACA plan, as well as for those who can't afford this coverage, per KFF.
  • A 40-year-old making $50,000 a year — which is just above the subsidy threshold — would save 32% a month on premiums for a lower-deductible ACA plan. A 60-year-old with the same income would pay 66% less a month.
  • More than 12 million people with employer insurance would spend less on premiums if they switched to an ACA plan subject to premium caps.

Yes, but: "Any health reform plan involves trade-offs. In the case of Biden's, it's primarily the budgetary cost -- an estimated $750 billion over 10 years, according to the campaign," KFF's Larry Levitt tweeted.

Go deeper

Ben Geman, author of Generate
Oct 23, 2020 - Energy & Environment

Biden looks to stem oil "transition" furor amid GOP attacks

Former Vice President Joe Biden. ANGELA WEISS / Getty Images

Joe Biden's campaign is looking to blunt attacks in response to his comments in Thursday night's debate about a "transition from the oil industry," as Republicans look to make the remarks a liability in the closing days of the race.

Driving the news: Biden campaign spokesperson Bill Russo, in comments circulated to reporters Friday afternoon, said the former VP "would not get rid of fossil fuels," but wants to end subsidies.

Firefighters end search for bodies at Surfside

A picture in the memorial that has photographs of some of the victims from the partially collapsed 12-story Champlain Towers South condo building on July 15 in Surfside, Florida. Photo by Joe Raedle/Getty Images

Firefighters on Friday concluded their search for bodies at the site of the June 24 collapse of the Champlain Towers South condominium in Surfside, Florida.

Driving the news: 97 people were killed and one woman, Estelle Hedaya, remains missing.

Updated 1 hour ago - Sports

Olympics dashboard

🚨: Team USA closes out Day 1 with no medals for 1st time since 1972

📺: The Olympic events to watch today

🛹: Athlete spotlight - Nyjah Huston hopes to skate his way into Olympic history

🇺🇸: After loss to Sweden, U.S. women's soccer team overwhelms New Zealand

🥇: The six new sports at Tokyo 2020

👻: How the no-spectator Olympics could affect the athletes

💉 About 100 U.S. Olympic athletes are unvaccinated

Go deeper: Full Axios coverage

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