Perhaps the most controversial and dramatic legislation passed by the Obama administration centers on the healthcare overhaul which features a variety of healthcare measures intended to provide a more universal and federally-mandated healthcare system.
The healthcare bill passed by the Obama administration will have dramatic effects on both the healthcare sector and the economy. The bill is said to cost nearly a Trillion dollars over 10 years, but reduce the deficit by $138 Billion at the same time.
On the other end of the spectrum from Obama’s healthcare plan is the move towards privatization of the healthcare industry. Many lawmakers have argued that a competition-driven market will create better options for individuals and lower costs.
Universal healthcare coverage is provided in many countries to citizens. Universal healthcare structures can vary from single payer to Two Tier to an insurance mandate. In countries like Canada, which is a single payer system, taxpayer money is used to cover all medical needs of the country’s citizens. A United States plan would most likely be an insurance mandate.
Health Savings Accounts, formerly Medical Savings Accounts, are tax-free deposits into accounts used to pay for medical expenses. Tax credits would give families more funding to help pay these medical expenses.
SCHIP is an acronym for State Children’s Health Insurance Program. The Program was initiated in 1997 under the Clinton Administration and was the largest taxpayer funded health insurance program since Medicare. The program is administered by the Department of Health and Human Services to provide matching funds to each state for low-income families to provide funds to help the families pay for insurance.