House leaders announced a $940 billion compromise bill that would extend coverage to the vast majority of Americans, cut billions of dollars from Medicare, and impose new taxes on the wealthy and the well-insured. From The Washington Post:
The compromise would extend coverage to an additional 32 million Americans over the next decade by expanding Medicaid eligibility and creating state-run insurance exchanges and federal subsidies for lower-income families who lack access to employer-provided coverage.
All Americans would be required for the first time to obtain insurance or face an annual penalty of $695; employers could face penalties of $2,000 per worker for not offering affordable coverage. In exchange for the new business, private insurers would be subject to an array of rules, including a ban on the practice of denying coverage to people with preexisting medical conditions and a requirement that adult children be permitted to stay on their parents' policies until age 26.
Compared with the Senate bill, the compromise would offer more generous tax credits to people who may otherwise be unable to afford insurance and would fully close the "doughnut hole" -- a gap in the Medicare prescription drug program that is costly for many seniors -- beginning with a $250 rebate for those affected this year.
For the full story click here: House Leaders Announce $940 Billion Health Care Compromise Bill; The Washington Post - March 19, 2010
Related Coverage:
Fine-Tuning Led to Health Bill's $940 Billion Price Tag - The New York Times--March 19, 2010
Democrats Say Health Bill Will Pay for Itself in the Long Run; The New York Times - March 19, 2010
