Trump vs. Harris: How 2024 Policy Proposals Could Shape the Future for Young and Retiring Dentists

Dentists at the start of their careers face a unique set of challenges, from managing overwhelming student debt to building a reliable patient base. At the other end of the spectrum, retiring dentists encounter their own hurdles as they prepare to pass on their practices and secure financial stability post-retirement. With the 2024 election around the corner, policy differences between candidates like Donald Trump and Kamala Harris could significantly impact how these challenges are addressed. Here’s a look at the top three challenges for young and retiring dentists—and how each candidate’s policies could reshape the dental landscape .

Challenges for Young Dentists

Financial Burden and Student Loan Debt

Current Challenge: For young dentists, student loan debt can heavily influence career decisions and limit early investments in their practices. Graduating with hundreds of thousands of dollars in debt, many find it difficult to take risks or pursue independent practice ownership .

Trump’s Policy: Trump’s general stance has been to limit federal student loan programs, focusing on debt reduction through tax benefits rather than debt forgiveness. While reduced business regulations and tax cuts might aid young dentists in repaying loans, Trump’s approach may not relieve the immediate student debt burden that impacts early career decisions.

Harris’s Policy: Kamala Harris, however, has been a strong advocate for student debt relief, especially for healthcare professionals serving in underserved areas. Expanding income-based repayment and loan forgiveness could ease the financial weight on young dentists, allowing them to focus on building their careers with less debt-related stress.

Patient Acquisition Amidst Competition

Current Challenge: As more corporate dental chains enter the market, young dentists often find it challenging to attract and retain patients .

Trump’s Policy: Trump’s pro-business approach could ease the regulatory burden for dental entrepreneurs, making it simpler to start a practice. However, by supporting corporate tax cuts, his policies might also strengthen the competitive position of larger dental chains, intensifying the challenge for new dentists to secure patients.

Harris’s Policy: Harris has championed expanded healthcare access, which could help more patients afford dental care. A public option could increase demand and ease patient acquisition for young dentists, though it might come with new regulatory requirements.

Treatment Planning Confidence within Insurance Constraints

Current Challenge: Young dentists often struggle with creating effective treatment plans due to complex insurance constraints, making it harder to confidently offer the best patient care.

Trump’s Policy: Trump’s preference for healthcare deregulation could offer patients more choice in insurance, but may also reduce comprehensive coverage, potentially complicating treatment planning for young dentists as patients face more out-of-pocket costs.

Harris’s Policy: With an emphasis on expanding insurance coverage, Harris’s policy could help ensure that patients are more likely to have comprehensive dental coverage, enabling young dentists to offer appropriate treatments with less concern about affordability.

Challenges for Retiring Dentists

Practice Transition

Current Challenge: Retiring dentists face the complex process of transitioning their practices, including finding a successor and ensuring a smooth handover.

Trump’s Policy: Trump’s support for tax breaks on small businesses, including capital gains tax cuts, could make selling a practice financially attractive, potentially facilitating the transition process. However, healthcare deregulation could reduce patient coverage, which might impact long-term practice value.

Harris’s Policy: Harris has proposed various small business incentives and tax credits, which could ease practice sales and attract more buyers. Retiring dentists could also benefit from her support for retirement savings expansions, making financial security in retirement more attainable.

Financial Planning for Retirement

Current Challenge: Ensuring financial stability in retirement is critical, as retiring dentists may rely heavily on practice sales and investments for income.

Trump’s Policy: Lower tax rates on investment income and retirement funds under Trump could benefit retiring dentists financially. However, potential cuts to Medicare may raise healthcare costs for retirees, complicating financial planning.

Harris’s Policy: Harris supports expanding Social Security benefits and lowering the Medicare age, which could help retirees manage healthcare expenses. However, a proposed wealth tax could impact high-net-worth dentists, especially those with valuable practices, potentially affecting the financial benefits of a practice sale.

Technological Adaptation and Practice Modernization

Current Challenge: Staying updated with new technology is crucial for the value and competitiveness of a dental practice, though it can be costly and challenging for those nearing retirement.

Trump’s Policy: Trump has encouraged tax breaks on business equipment, which could help offset the cost of new technology, aiding both young and retiring dentists who want to modernize their practices without a heavy financial burden.

Harris’s Policy: Harris has advocated for investments in digital health technology, which could help make advanced tools more affordable and accessible for dental practices. For young dentists, this could support innovation in patient care, while retiring dentists could benefit from practice modernization, making transitions smoother.

Conclusion

While the 2024 election may not seem directly tied to dentistry, policy differences between Trump and Harris could reshape the future of dental careers. Trump’s focus on deregulation and tax cuts emphasizes economic independence, which could help dentists manage costs but might not provide enough support for challenges like student debt or patient coverage. Harris’s policies prioritize expanded healthcare access and financial relief for student loans, potentially offering more direct support to dentists, though with higher regulations and possible tax increases.

For young dentists burdened by debt and facing fierce competition, Harris’s policies might offer a stronger safety net. For retiring dentists, Trump’s tax-focused approach could maximize financial benefits in retirement. Each policy direction has its pros and cons, and understanding them can help dentists plan their careers and make informed decisions in this evolving landscape.

In this election year, the challenges you face in your career may be impacted more than you think. Choose the policies that align with your career stage and vision for the future of dentistry.