Here is a summary of the President’s proposals for health care reform, does it all add up to you?
The proposal will make health care more affordable, make health insurers more accountable, expand health coverage to all Americans, and make the health system sustainable, stabilizing family budgets, the Federal budget, and the economy:
- It makes insurance more affordable by providing the largest middle class tax cut for health care in history, reducing premium costs for tens of millions of families and small business owners who are priced out of coverage today. This helps over 31 million Americans afford health care who do not get it today – and makes coverage more affordable for many more.
- It sets up a new competitive health insurance market giving tens of millions of Americans the exact same insurance choices that members of Congress will have.
- It brings greater accountability to health care by laying out commonsense rules of the road to keep premiums down and prevent insurance industry abuses and denial of care.
- It will end discrimination against Americans with pre-existing conditions.
- It puts our budget and economy on a more stable path by reducing the deficit by $100 billion over the next ten years – and about $1 trillion over the second decade – by cutting government overspending and reining in waste, fraud and abuse.
Of special interest are the revenue provisions of the latest version of health care reform. Here is a sample.
Title IX. Revenue Provisions
Additional Health Savings
The Act will impose an additional 10 percent penalty on non-health withdrawals from HSAs and Archer MSAs; limit Flexible Spending Accounts under cafeteria plans to $2,500; eliminate, starting in 2012, the deduction for employer subsidies for retiree drug coverage under Part D; raise the floor on the itemized deduction for major medical expenses to 10 percent of AGI for the non-elderly and non-disabled; and limit excessive compensation paid by certain health insurance companies.
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