Insurance Companies Bracing For November’s Election

With healthcare as one of the primary topics being discussed by the candidates this election season, it’s no wonder that the insurance companies are up in arms over just what is going to become of their services. While they definitely won’t be going anywhere anytime soon, it seems certain that no matter who wins, the face of insurance will be undergoing at least SOME changes.

For instance, the talk from the camp of Democratic presidential candidate Barack Obama seems to indicate that he disagrees strongly with the party line on the matter – rather than simply passing by-laws making the acquisition of health insurance mandatory, he supports the creation of a federal health insurance that would ideally be affordable for all parties who are seeking health insurance, but find they can’t afford it from the major providers. Critics, of course, speculate as to whether or not he will be able to pull off such a plan in today’s economic climate, and even if so, how long it will take to implement.

On the other side of the battlefield, Republican candidate John McCain seeks to shake things up by offering a so called $5000 tax cut for the purposes of health insurance. A plan that excited many at first, it now seems that McCain’s plan isn’t quite what it seemed to be originally – rather than receiving a direct tax credit, the parties in question would simply have to seek up front payment for their medical expenses, and then wait for the federal government to respond in kind and issue the tax credit directly to the insurance company itself.

It seems that both plans still have a few details to iron out, but one thing is certain – no matter which candidate prevails come election day, the state of private insurance as we know it is in for a few changes.