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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

Oct 26, 2020 - Politics & Policy

Key takeaways from the "60 Minutes" interviews with Trump and Biden

Combination image of President Trump and Democratic Presidential candidate former Vice President Joe Biden during the first presidential debate in Cleveland, Ohio on Sept. 29. Photo: Jim Watson, Saul Loeb/AFP via Getty Images

CBS' "60 Minutes" aired its interviews with President Trump and Democratic presidential candidate Joe Biden Sunday evening, as the 2020 election rivals offered starkly different visions for the U.S.

The big picture: The show opened with Trump's interview with CBS' Lesley Stahl — which she noted "began politely, but ended regrettably, contentiously" after the president abruptly ended it, before moving on to Vice President Mike Pence, and then Biden and running mate Sen. Kamala Harris.

56 mins ago - Health

U.S. tops 88,000 COVID-19 cases, setting new single-day record

Expand chart
Data: COVID Tracking Project; Chart: Axios Visuals

The United States reported 88,452 new coronavirus cases on Thursday, setting a single-day record, according to data from the COVID Tracking Project.

The big picture: The country confirmed 1,049 additional deaths due to the virus, and there are over 46,000 people currently being hospitalized, suggesting the U.S. is experiencing a third wave heading into the winter months.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day.
  2. Politics: Top HHS spokesperson pitched coronavirus ad campaign as "helping the president" — Space Force's No. 2 general tests positive for coronavirus.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. Sports: MLB to investigate Dodgers player who joined celebration after positive COVID test.
  5. 🎧Podcast: The vaccine race turns toward nationalism.

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