Yesterday marked a major milestone in the health insurance reform process. Senate Majority Leader Harry Reid unveiled the Congressional Budget Office’s analysis of the Senate health care bill — the Patient Protection and Affordable Care Act. This bill represents the largest cost savings of any legislation to come before the House or Senate this year.
Several of the bill’s key reforms accomplish the following:
- Cuts the budget deficit by $130 billion (over 10 years)
- Cuts the budget deficit by as much as $650 billion over 20 years
- Extends guaranteed coverage to more than 94% of Americans
- Provides coverage to 31 million uninsured Americans
In other good news, Americans will see many important provisions in this bill enacted in 2010, including:
- Immediate access to insurance for uninsured individuals with a pre-existing condition
- Prohibition on recessions
- No lifetime or annual limits
- Extends dependent coverage to children under 26 years of age
- Creates a new website to help Americans shop for and compare coverage plans
- Requires insurers to cover preventative care and immunizations
To read the Patient Protection and Affordable Care Act, go here.