Cost of the New Health Care Law
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From the Paper:"The House of Representatives passed a sweeping $940 billion health care bill in a historic vote that will dramatically change the U.S. health care system and expand health insurance coverage to 32 million more Americans over the next decade" (Winerman). The final bill will cost $940 billion over the next 10 years, but will reduce the federal budget deficit by $143 billion over that same time period through a combination of new taxes and spending cuts, according to the Congressional Budget Office.
"The political situation that has surrounded the health reform brought many issues. Cost was the most important aspect among them.
"The Congressional Budget Office (CBO) has weighed in with what remains inleading costs. The agency's initial analysis encouraged supporters of the legislation since it projects the reform package could reduce projected deficits over time" (Watson).The health reform package would provide government subsidies to low and middle-income families buying health insurance on their own, expand eligibility rules for Medicaid and provide coverage for a majority of uninsured Americans. It would also create a number of insurance reforms.
The whole package will cost roughly $940 billion over 10 years to provide expanded insurance coverage, according to CBO. But overall, the plan could reduce the deficit by $143 billion over the first 10 years. Over the following decade, the CBO projected, health reform could reduce the deficit by more than $1 trillion, although the agency feels that such long-term projections are highly uncertain."The estimated long-term deficit reduction comes mainly from more than $500 billion in savings from health programs like Medicare, and $438 billion in new tax revenue" (Davis 852)."
Cite this Argumentative Essay:
Cost of the New Health Care Law (2014, July 30) Retrieved August 18, 2022, from https://www.academon.com/argumentative-essay/cost-of-the-new-health-care-law-153963/
"Cost of the New Health Care Law" 30 July 2014. Web. 18 August. 2022. <https://www.academon.com/argumentative-essay/cost-of-the-new-health-care-law-153963/>