Daily News Updates - Health Insurance News

Do Elect Obama’s Health Plan, Pt.1 – Obama’s proposal explained.

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Spelling out Mr. Obama’s health insurance/care plan brings out sharp contrast. One major tenet is to require that larger companies provide "meaningful coverage" for their employees under a "pay or play" system. Those larger companies who opt out of providing health insurance to their own people will be obligated to contribute to a ‘kitty’ fund to help the government subsidize their employees into a public national health insurance plan.

In an effort to not overburden the small businesses, there will be exemptions from this health insurance mandate. Moreover, the hard-pressed small companies would receive some further help in the form of a new refundable tax credit that could be up to 50% of the health insurance premiums to be paid on behalf of that companies employees.

In addition to this, small business will be admitted the opportunity of joining a new National Health Insurance Exchange created by Mr. Obama. He envisions that this would provide both public and private plans to more individuals and small employers. Principal policy analyst for the Kaiser Family Foundation, Jennifer Tolbert suggested “This could entice smaller employers to provide coverage.” Right now only 49% of our small businesses are providing health Insurance/care coverage. According to the Commonwealth Fund, this is down from 57% back in 2000.

For employees who already have health insurance at their jobs, don’t expect to see drastic changes. Even though Obama proposes lower annual medical costs by as much as $2,500 a year, his method for doing so will be largely indirect and slow to come. Still they are very good and are the most similar to Mr. McCain’s of all major tenets. These changes would be in technology improvements, increased competition, emphasis on prevention and better management in treatment of chronic diseases.

Continued…
November News...