ObamaCare Highlights

*Includes a government-run public health insurance option.

* Prohibits illegal immigrants from participating in a health insurance exchange created for those unable to afford health coverage.

* Prohibits the use of federal funds for abortion coverage in the exchange. Does not include House-passed Stupak amendment banning any subsidies of insurance plans offered in the new exchanges that offer abortion coverage.

* Imposes $53.8 billion Medicare tax increase on individuals earning $200,000 a year and couples earning $250,000 a year. Imposes a tax on high-premium insurance plans, raising $149 billion in revenue; Imposes 5 percent tax on cosmetic surgery, raising $5.8 billion. Imposes $102 billion in fees on drug manufacturers, medical device manufacturers, and health insurance providers.

*Limits the amount of medical expenses deducted on personal taxes, raising $15 billion Medical expenses are currently deductible for taxpayers who itemize
if they exceed 7.5 percent of adjusted gross income.
About 11 million tax filers take advantage of this deduction,
generally people who have high non-reimbursed health expenses.
Users of this deduction are heavily tilted toward those with moderate
incomes.73% of total medical deductions
are taken by households with incomes under $75,000

* Requires individuals to buy health insurance, with a fine for noncompliance. Section 1501 (pages 320-340). In the bill approved by the Senate Finance Committee, there are no fines at all the first year it goes into effect, in 2013. In 2014 individuals would have to shell out $200+ in annual penalties if they choose to go without insurance, and by 2017, the number jumps to $750+ per adult family member and $375 per child, with a maximum penalty of $2,250 per family. All Americans will have to purchase Health insurance even if they find it too expensive, or if they do not want it,  or pay the fine. "except those with incomes below about $16,000 &  those who object on religious grounds"

*According to the Kaiser Commission, nearly one-third of the uninsured in 2007 were between ages 19 and 29 and another 42 percent were between ages 30 and 54.

* Does not mandate that all employers offer health care. Reduces employer-sponsored insurance coverage by 5 million.

* Prevents insurance companies from denying coverage for pre-existing conditions.

* Reduces spending on Medicare for people 65 and older by $354 billion. The Congressional Budget Office says it’s “unclear” whether cuts “would reduce access to care or diminish the quality of care"

The 2,074-page bill would expand health insurance coverage to 30 million more Americans. Democrats say the Obamacare will cost Americans an estimated cost of $979 billion, Republicans say the bill will cost 1.5 trillion over the next 10 years.

Posted by Faith Hope and Politics 2009