Senator Harry Reid of Nevada, the majority leader, said at an evening news conference that the legislation, embodying President Obama’s signature domestic initiative, would impose new regulations on insurers, extend coverage to 31 million people who currently do not have any and add new benefits to Medicare.
H.R. 3590, Patient Protection and Affordable Care Act:
- extends coverage to "31 million people who currently do not have any" insurance
- adds new benefits to Medicare
- will cost $849 billion over 10 years (an educated guess at this point, which does not include "the Doctor Fix")*
- reduces the projected budget deficits by $127 billion over a decade because the costs would be offset by new taxes and reductions in government spending, particularly on Medicare
- includes a government-run insurance plan, or public option
- includes state opt-out
- imposes new regulations on insurers
- increases the Medicare payroll tax on high-income people**
- imposes a new excise tax on high-cost "Cadillac" health plans offered by employers to their employees
- does not go as far as the House-passed bill in limiting insurance coverage for abortions: "...the bill seeks to extend current law by barring the use of federal money for abortions. But it would also require that at least one insurance plan that covers abortion and one that does not cover abortion be offered in every state."
- requires people to obtain health insurance, and imposes a complicated set of penalties for people who fail to meet the requirement.
**High income means couples earning more than $250K or individuals earning more than $200K.
SOURCE: New York Times
SOURCE: New York Times
