Health Care Reform Bill Summary

Sunday, March 21, 2010 at 9:22 pm

Health Care Reform Bill Summary, The US House of Representatives Sunday would vote to overhaul health care system.

During an address in this regard in Washington, Obama urged the US lawmakers to vote for the people for America. The President urged that it is time to pass the bill, which has seen decades of false starts and a year of tough negotiations.

The a package of reforms is aimed at imposing new controls on the practices of insurance companies and extending coverage to more than 30 million Americans who lack health insurance.

The Congressional Budget Office (CBO), a non-partisan arbiter of legislative costs, last week estimated that the reforms will cost 940 billion dollars over 10 years and expand coverage to about 32 million more Americans.

The costs will be offset by a mix of new taxes and savings from within the system. The CBO predicted the entire bill would actually lower the federal budget deficit by 138 billion dollars over the next 10 years, and by 1 trillion dollars in the following decade.

For those who are not yet familiar with the Health Care Reform Bill proposed by Obama, here are some of the positive review summary and highlights of it:

- The Health Care Reform Bill proposes a huge expenses by the US Government at around $940 million to cover all Americans.

- US Government will standardize the health insurance of all Americans in one health insurance firm. They will take advantage of a “wholesale” negotiation to lower the cost of the health insurance premiums.

- It also proposes to give Americans tax credit for those who still cannot avail of health insurance despite its low cost.

- Pre-Existing conditions will now be covered avoiding discrimination.

On the other hand, for those who are familiar with the Health Care Bill Reform proposed, it may also have some negative feedbacks from oppositions which includes:

- There is no statement in the Health Care Bill that states which health insurance firm will the US Government choose leading to a possible bribery of politicians.

- According to some experts, the Health Care Bill is not created equal among Americans. For those people who are making above a certain household income amount, they will not be able to avail of a subsidy from the US government. Instead, they will be the one subsidizing those old people who have poor health.

Anyway, to better understand this Health Care Reform Bill, you can read the FULL Text here.