When looking at health care options, it is important to assess both short- and long-term solutions. Our nation is currently in a state of health care crisis and with our aging population and epidemic increase in diseases like diabetes and cancer, things are going to get worse.
Women in Business summarizes the impact of McCain's and Obama's proposed health care plans on the immediate health care crisis and how each plan might stand up over time.
Summary of The Urban-Brookings Tax Policy Center Comparison Between McCain’s Health Care Plan to Obama’s Health Care Plan
The nonpartisan Urban-Brookings Tax Policy Center (TPC) compared health plans proposed by presidential candidates Sen. Barack Obama (D-IL) and Sen. John McCain (R-AZ). Their findings were based on public information which, in some cases, did not provide substantial detail about the candidate's proposals.The TPC used available information to project long-term success and costs of health care plans proposed by Obama and McCain.
Summary of the Candidate’s Proposed Health Care Plans
TPC estimated that Obama’s plan would reduce the number of uninsured Americans by 18 million people in its first year, as compared to McCain’s 1 million. McCain’s plan would increase the deficit by $1.3 trillion over ten years; Obama’s $1.6 trillion.John McCain's Health Care Plan would:
- Replace the current exclusion for employer-paid premiums with a refundable income tax credit of up to $5000 for anyone purchasing of health insurance;
- Modestly trim the number of uninsured by 1 million in 2009 and nearly 5 million by 2013. They further estimate these numbers would “slowly rise thereafter because the tax credit would fail to keep pace with premiums;” and
- Would increase the deficit by $1.3 trillion over ten years.
Barack Obama's Health Care Plan would:
- “Make relatively low-cost insurance available to everyone through non-group pools and subsidize premiums for low- and moderate-income households;”
- Would cover virtually all children (note one of the key points in Obama’s plan is to make health care coverage mandatory for all children under age 18) and many currently uninsured adults;
- Obama’s plan would reduce the number of uninsured children and adults by 18 million in 2009 and 34 million by 2018. (According to TPC estimates, under the Obama plan, 34 million Americans would still lack insurance in 2018.) And;
- Would cost $1.6 trillion.
The health care dilemma, in part, has been worsened by Congress passing legislation that favors the insurance companies. To truly provide affordable and accessible health care in the U.S., the candidates also need to look at changing ERISA laws, and holding insurance companies more accountable in bad faith cases.
There are no easy solutions to health care, but it is a problem that continues to be a major contributing factor in the downfall of the American economy.
