President Obama unveils new health care bill

After focusing his attention on passing health care reform for nearly a year, President Obama has finally taken the bull by the horns and revealed his own health care plan.

The trillion dollar plan presented by Obama on Monday, is aimed at bridging the bills previously passed by the Senate and House last year. It intends to extend coverage to 31 million Americans currently living without health care, not to mention it will expand Medicare prescription drug coverage, increase federal subsidies to help people buy insurance and give the federal government new authority to block excessive rate hikes by health insurance companies.

Sadley, the bill does not include a public option, which many Democrats have proposed passing through reconciliation in recent weeks. But it does eliminate an unpopular provision in the Senate bill that exempted Nebraska from paying increased Medicaid expenses, in return for Sen. Ben Nelson's vote.

Administration officials expect the plan to cut the deficit by $100 billion over the next 10 years. The total cost of the bill is estimated at $950 billion over the next decade.

The release of Obama's bill sets the stage for the upcoming heatlh care summit with top Republicans on Thursday. Obama hopes the bill will force Republicans to come up with their own plan, instead of just bitching about plans proposed by Democrats. 

To learn more about President Obama's plan, visit www.whitehouse.gov/health-care-meeting

What will the president's proposal mean for you?

Q: Will my premiums / costs go up because of health reform?

A: No.

• According to the independent and non-partisan Congressional Budget Office, people who get coverage through their employer today will likely see lower premiums.
• Reform will lower premiums by reducing administrative costs, increasing competition between insurance companies and creating a larger pool of insured Americans.
• And remember, the cost of doing nothing is high. In ten years, health care spending for each employee at an average big company will be $28,530.

Q: Will I be required to provide coverage that I can’t afford?

A: No.

• The President’s proposal  does not require that small businesses provide coverage to their employees. Instead, the President’s proposal  provides tens of billions of dollars in new tax-credits to small businesses to make it easier for them to provide coverage if they choose to do so.
• Today, small businesses pay up to 18 percent more than large firms for the same health insurance policy.  The independent and non-partisan Congressional Budget Office found that with health insurance reform, premiums for small businesses will go down. 
• In addition, you will be protected from sudden, arbitrary rate hikes because a worker get sick;  because insurance companies will no longer be permitted to base the cost of coverage on health status.

Q: I have Medicare, will my benefits be cut?

A: No. 

• Your guaranteed Medicare benefits will not be cut. 
• In addition, you will have benefits you don’t have today:  Preventive services like cancer screenings at no cost, and a substantial reduction in prescription drug prices if you fall into that gap in coverage known as the “donut hole”.  Over time the bill closes this coverage gap completely.  And the Medicare Trust Fund will be extended for more than nine years, making sure that the Medicare program will be there for seniors now and in years to come.

Q: I don't have insurance, can I afford coverage?

A: Clearly, the system we have today is broken. If you don’t have health coverage, there’s no limit on how much insurance companies can charge you, and they can decide to refuse to sell you a policy at their whim. Health insurance reform will change all of that.

• For the first time in history, there will be limits on how much anyone will have to pay to receive health care coverage. And depending upon your income, you may be among the tens of millions of Americans who will get a tax credit to to help pay for your coverage. 
• And for the first time in history, insurance companies will no longer be allowed to simply tell you “no”. They will be required to offer coverage regardless of your health status, and they cannot jack up rates or drop you from your coverage when you get sick.

Q: I buy insurance, will I pay more than I am paying today?

A: No. 

• You will likely pay less---perhaps much less.  If you buy coverage like you have today on your own, premiums are expected to drop by 14 to 20 percent. If you get coverage through your job, premiums could decline by up to 3 percent.
• In addition, many Americans buying coverage in the individual market will qualify for tax credits that reduce their premiums by an average of nearly 60 percent – and they will get better coverage than what they have today.