Chillin' out till it needs to be funded
The Healthcare Reform Bill has been passed by the House for the presentation to the President. The reconciliation further required per the procedures decided for the Healthcare reform would be pretty voluminous in complexity but being ‘recon’ would not get much attention in the senate one hopes. The analysts for the House/Democrats surprised me with their ready substitution of numbers and running modifications to the bill, which I thought made me rather one of a kind.
Obviously, some young ones enjoy being ready and waiting as well. However, the number crunching exercises apart, most of the meaningful reform has been pushed to 2014 after he Massachusetts Bye-election and that is one learning the US will carry forward, if we know Obama. Reforms are always painful but with India’s easy growth economics, we do not require their championing as hardily as a debt ridden US does and Obama’s Democrats would do well to establish further strengths in the house a s a lot of financial reform is on the table even after Barney’s and Dodd’s recriminations, Feds decimation and Lehman’s autopsy.
The procedures required for the Educational Loan reforms items / amendments and the final increases in taxes for the ‘cognoscenti’ earning $250K and above are not of consequence. Neither are the savings of $138 billion in the bill. Of note is the way the uninsured, the Donut Hole population and the pre existing condition / life limitation stymied citizens getting access to Healthcare, employer paying for their employees’ welfare and the efforts at “ramping up” during the transition. Great work, all around.
The media reaction is somewhat similar to what we had in 2004 when coalitions forced each reform step to be a in camera football game, 500 players playing on both sides of the tenets.
Here’s the summary of the bill’s features as presented by the NY Times/LA Times:
The uninsured are clearly the biggest beneficiaries of the legislation, which would extend the health care safety net for the lowest-income Americans.
The legislation is meant to provide coverage for as many as 32 million people who have been shut out of the market — whether because insurers deem them too sick or because they cannot afford ever-rising insurance premiums.
Affluent families would be required to pay additional taxes. Most Americans would be required to have health insurance and face federal penalties if they do not buy it. And it is still unclear what effect, if any, the legislation would have on rising out-of-pocket medical costs and premiums.
But there is no question that the legislation should benefit consumers in various ways. Beginning in 2014, for example, many employers — those with 50 or more workers — could face federal fines for not providing insurance coverage. Several of the other changes would take effect much sooner.
Six months after the legislation is enacted, many plans would be prohibited from placing lifetime limits on medical coverage, and they could not cancel the policies of people who fall ill. Children with pre-existing conditions could not be denied coverage.
And dependent children up to age 26 would be eligible for coverage under their parents’ plans — instead of the current state-by-state rules that often cut off coverage for children at 18 or 19.
And within three months of the law’s taking effect, people who have been locked out of the insurance market because of a pre-existing condition would be eligible for subsidized coverage through a new high-risk insurance program.
That special coverage would continue until the legislation’s engine kicks into a higher gear in 2014, when coverage would be extended to a wider part of the population through Medicaid and new state-run insurance exchanges.
Those exchanges, or marketplaces, are meant to provide much more competitive, consumer-friendly online shopping centers of private insurance for people who are not able to obtain coverage through an employer.
In 2014, people with pre-existing conditions could no longer be denied insurance, all lifetime and annual limits on coverage would be eliminated and new policies would be required to meet higher benefit standards.
Even sooner, in 2013, affluent families with annual income above $250,000 would be required to pay an additional 3.8 percent tax on their investment income, while contributing more to the Medicare program from their payroll taxes. And eventually, the most expensive insurance policies would be subject to a new tax.