The U.S. House of Representatives passed a sweeping health care bill Saturday night that passed 220-215 in a move that many have deemed historical. McClatchy Newspapers reports that 83 percent of eligible Americans have health insurance now. If this bill is signed into law, 96 percent are expected to be insured by 2019.
What does the bill do?
Requires most Americans to have health insurance by 2013
Creates a government-run insurance program to compete with private insurance companies
Bars insurers from denying coverage because of pre-existing conditions
Sets up insurance “exchanges” — markets where people can compare health care coverage and rates.
Provides federal aid to lower- and middle-income Americans to help cover costs of coverage
Only allows coverage for abortions if the mother has private insurance, except in cases of rape, incest or if the mother’s health is in danger.
Requires insurers to allow young adults to remain on parents’ policies until they turn 27
Bars lifetime coverage limits by insurers
Expands Medicaid coverage
How much will it cost?
The Congressional Budget Office estimated the bill will cost $891 billion during the next 10 years and will reduce the federal deficit by $109 billion.
How will those costs be covered?
A combination of new fees and taxes and Medicare cuts will cover the costs.
The bill imposes a 5.4 percent surcharge on incomes of more than $500,000 for individuals (and $1 million for joint-filers) and a penalty on businesses who do not comply with the new laws by providing coverage.
What secured the necessary votes?
The decision to not provide coverage for elective abortions for people receiving federal aid for insurance changed enough conservative and moderate Democrats’ votes to reach the necessary vote threshold — 218.
What comes next?
The U.S. Senate needs to pass its own version of the bill. The final compromise bill two will require approval from both houses.
Compiled by Ariel Zirulnick; Source: McClatchy Newspapers
