by Stacy Francis, CFP®, CDFA
I visited Washington DC last week on a business trip, and I have to say - no matter how you feel about it - change is in the air. From the war in Iraq to taxation of the middle class and foreign policy, the winds of change are blowing through Capitol Hill. One of the main things Obama has promised to change is the health care system. While his plan is likely to be modified several times before it passes congress, below is an outline of his key points.
- An extension of the Medicaid program, to include a larger number of uninsured citizens
- For all children to have health insurance
- Subsidies for low-income individuals and small businesses, so that it’ll be easier for them to purchase insurance
- A national exchange where uninsured people can purchase policies – whether private or public
- A 50% tax credit for health care premiums small businesses pay for their employees
- A penalty tax for businesses that decline to provide their employees with insurance
- Coverage for another 45 million people
- To cut costs by re-importing safe drugs from other countries
- For insurance providers to be allowed to negotiate prices for prescription drugs directly with manufacturers
- A pay-for-performance incentive program, and finally
- A comprehensive disease management program.