The Real Problem With Covering the ‘Uninsured’, Pt.4 –
Diverging candaditial shifts.
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The effect of these changes to the health insurance/care
structure may be very consequential both in the foreground and
in the background, as well. The health insurance/care proposals
of McCain and Obama both represent major shifts in the
foundational infrastructure. If either one is enacted, hundreds
of billions of dollars will be re-routed in a fairly short time
span. Both plans could take a sharp departure from the status
quo, but in very different directions. Sweeping changes could
occur in areas like business gains or drains, deep financial
influence of households, cost and risk sharing, tax shifting
and revenue reallocations within the multi-trillion dollar
health insurance/care industries.
Let’s make a quick analysis of the two proposed candaditial
health insurance/care plans promoted by Mr. McCain and Mr.
Obama. Starting with Mr. McCain, we’re looking at losing the
staple tax exclusion for employer-based health insurance. What
is the shift here? He’s replacing those tax breaks with
refundable tax credits. Individual tax filers will be eligible
for some part of a $2,500 tax rebate. Heads of households and
those filing jointly would be eligible for a possible $5,000
tax credit. This is the most radical approach and would
reverberate major changes throughout the health care system and
well beyond. These ‘subtle’ changes are so profound that it’s
almost impossible to accurately predict the consequences.
What’s the ‘money shift? An estimated $152 billion reduction in
federal revenues is projected for the 2008 fiscal year. Even
this figure is not standing still, it’s ever increasing.
Continued…
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