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President proposes $100 billion reduction of US deficit in next 10 years
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President Obama unveiled a new health care plan proposal yesterday that builds on previous legislation and bridges the gap between the House and Senate.
If enacted, the plan will cover 31 million Americans, the largest increase in federal funding since the enactment of Medicare and Medicaid.
The plan seeks expansion of Medicare drug coverage as well as increased federal funding and federal government authority to hinder significant increases in health care coverage rates by the insurance companies. This type of competitive health insurance market would offer millions of Americans insurance choices identical to those available to members of Congress.
In addition, the plan aims to reduce the deficit by $100 billion during the next 10 years and approximately $1 trillion during the next 20 years. Greater accountability would be directed toward health care by keeping premiums down, preventing health insurance industry abuse and patient denial of care, and ending discrimination against those with pre-existing conditions.
The threshold for the excise tax on the most expensive health care plans will begin in 2018 and will raise a family plan from $23,000 to $27,500.