By Jonathan Tse
Senate just unveiled a new health care bill that is supposed to expand health insurance coverage to 30 million more Americans. This is expected to cost about $849 billion over the course of 10 years. It was stated by Senate Majority Leader Harry Reid that this will not add to the current deficit but will instead reduce federal deficit by $130 billion over the next 10 years. On Saturday, November 30th, debates on amending the bill will begin if Senate decides to take up the bill. This bill is expected to be the largest revision of the US health care system since the creation of Medicare health insurance program in 1965.
The goal of this reform bill is to offer affordable and reliable coverage for those who are not insured and also help to lower costs for individuals, families, businesses and governments. It seeks to reduce long-term costs of health care for governments, businesses, as well as individuals and families, while also increasing the efficiency and quality of health care services provided by reforming how health care is provided. The bill is expected to introduce many new taxes and fees. A new feature of this bill is that it would require all individuals to purchase health insurance and would be fined if they do not comply with this rule. Parents are also liable for covering their children who are under 18 years of age. Another new feature is the Medicaid coverage will be expanded from the poor to everyone.
http://www.businessinsurance.com/article/20091120/NEWS01/911209989 http://www.insurancenewsnet.com/article.asp?a=top_news&id=112025 http://www.insurancejournal.com/news/national/2009/11/20/105471.htm