Spotlight Healthcare Herd Immunity in Sight 35 Business as Usual A Democratic sweep will bring some reforms to the healthcare industry, but expect nothing dramatic. POLICY Julie Utterback Healthcare policy was a key debate topic in the recent election, but as the dust settles on the 2020 results, we do not anticipate any changes that will greatly affect the companies we cover. So far, we have made no changes to our moat ratings or fair value estimates in response to the election. Because President Joe Biden is a moderate and Democrats hold only a slim majority in the U.S. Senate, a " Medicare for All " scenario appears dead for now, which is a big positive for the healthcare industry. However, with Democratic control of the executive and legislative branches of government, we see a path to more-affordable insurance options that could help the United States reach almost universal coverage, especially if compromises on the ideals espoused by the Biden campaign are reached with support from morningstar.com/lp/magazine 29http://www.morningstar.com/lp/magazine