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Healthcare Reform?
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Well only in the U.S. can we be finishing a bill on the eve
of one of the largest holidays in order to save ourselves from further delay
and unneeded debate. The senate finally passed their version of the healthcare
bill (Patient Protection and Affordable Care Act) today with a strictly
partisan vote. Of course the democrats raved about the greatness of this bill
and the republicans rant about how terrible life will be when it goes into law.
In my humble opinion both of the parties are incorrect. This bill as it was
compromised down to is effectively crap in a nice bow, it does do a couple of
main things which I think are required to at least advance some parts of
American healthcare but most of the parts that are really needed were washed
out of the senate version.
So the question is what does this bill do for us in a
positive way?
Elimination of lifetime benefits
Elimination of “unreasonable” annual benefits
Eliminating the ability of an insurer to rescind coverage once
a person is covered
Preventive coverage must be covered by the insurer
Extension of dependant coverage through age 26
Restriction of
discrimination based on salary
Prohibition of pre-existing conditions restrictions
Setup of insurance exchange to spur competition
Mandates employer insurance coverage for companies with over
200 employee’s
Sets up subsidies for lower income individuals and families
who cannot afford the mandated coverage.
What about in a negative way?
Mandates coverage for all Americans, However…
Does not setup public alternative to compete against private
insurers thus limiting its ability to create real competition.
Raises taxes, however this only on individuals making more
than $250,000 a year and introduces an additional tax on “Cadillac” insurance
plans.
The real question that most people have is with so called
“public option” which is intended to provide real competition within the
insurance exchanges. As it is the senate bill requires that all people carry
insurance coverage but only gives the option to use private insurance. Now the
question is whether this really provides a competitive environment which is to
the best interest of the consumer. In the coming months it shall be interesting
to see how the Senate and House bills are put together through the conference
committee as there are differences with the method of financing the bills as
well as the big hurtle of the house bill having a “public” option and other
issues related to abortion.
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