Framework for Comprehensive Health Care Reform

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cast4bass

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Senate Finance Committee Chair Max Baucus (D-MT) has released an unofficial copy of his health care reform proposal, called “Framework for Comprehensive Health Care Reform.” Baucus wants to unveil his chairman's mark during the week of September 14, followed by a markup of his bill one week later. The “unofficial” Baucus proposal does not include a public health care option. According to Baucus, the public option was omitted from his proposal in order to reach a bipartisan agreement. Instead, it includes co-op proposal.

The “Framework for Comprehensive Health Care Reform” includes the following tax features:

Beginning in 2013, with limited exceptions, all US citizens and legal residents would be required to purchase health insurance or have health coverage from an employer, through a public program or through some other source that meets the minimum creditable coverage standard. For taxpayers between 100-300% of the poverty level, the penalty for failing to obtain health coverage would be $750 per year with a maximum penalty per family of $1500. For taxpayers with incomes above 300% of the poverty level, the penalty for failing to obtain coverage would be $950 per year with a maximum penalty per family of $3,800.
Employers with 200 or more employees would have to automatically enroll employees into health insurance plans. Employers with more than 50 full-time employees (30 hours and above) that do not offer health coverage would have to pay a fee for each employee who receives a tax credit for health insurance through an “exchange.”
Low income families would get tax credits to help make health care coverage affordable.
Small businesses (fewer than 25 workers and average wages below $40,000) that offer health care would get tax credits.
A 35% excise tax would be levied on insurance companies and insurance administrators for any health insurance plan that is above $8,000 for singles and $21,000 for family plans. The tax would apply to self-insured plans and plans sold in the group market, but not to plans sold in the individual market.
Employers would have to disclose on Form W-2 the value of the benefit provided by the employer for each employee's health insurance coverage.
Contributions to health Flexible Savings Accounts (FSAs) would be limited to $2,000 per year.
The exclusion from gross income for the subsidy for employers that maintain prescription drug plans for their Medicare Part D eligible retirees would be eliminated.
The definition of qualified medical expenses for Health Savings Accounts (HSAs), Flexible Savings Accounts (FSAs), and Health Reimbursement Arrangements (HRAs) would be conformed to the definition used for itemized deduction purposes. An exception to this rule provides that amounts paid for over-the-counter medicine with a prescription would still qualify as medical expenses.
The additional tax for Health Savings Account (HSA) withdrawals before age 65 that are not used for qualified medical expenses would be increased from 10% to 20%.
Businesses that pay more than $600 annually to corporate providers of property and services would have to file an information report with each provider and with IRS.
The “Framework for Comprehensive Health Care Reform” also would impose a variety of fees on the pharmaceutical manufacturing sector, the health insurance sector, and on clinical laboratories
 
This proposal although much better than the one now before congress will never fly. Pelosi has stated repeatedly that she will not allow any plan that does not have the public option. The senate could approve it 100% and the president could be all for it but a bill must pass both houses befoe it makes it the the president for signing.
 
If anyone working in or for the goverment, including Congress, the President, and Supreme Court were subject to the same healthcare they want to force everyone into, maybe I would consider it. They could rob from their own federal retirement just like they have Social Security for years. After all, it will pay for itself, according to the salesman speaking on TV last night. What would they have to worry about?
 
timbo - 9/10/2009 12:15 PM

If anyone working in or for the goverment, including Congress, the President, and Supreme Court were subject to the same healthcare they want to force everyone into, maybe I would consider it. They could rob from their own federal retirement just like they have Social Security for years. After all, it will pay for itself, according to the salesman speaking on TV last night. What would they have to worry about?

This is the question I have been asking without an answer all along. If this healthcare bill is so great then why don't the proponents of it lead by example and take it for themselves? It might just get them some respect and support from the American public. Until they do take it they will neither have my support nor my respect.
 

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