To help constituents better understand HR 3296, Congressman Zack Space provided the News with a summary of key factors of the bill. Explanations in the summary include:
•If you like the insurance coverage you have, you don’t have to change.
•Federal assistance will be available for individuals between 150 percent and 400 percent of the poverty level on a sliding scale basis.
•The new public option, which will include competitive reimbursement rates to providers, will operate through the Department of Health and Human Services on a level playing field with private sector providers.
•The bill will make all individuals under 150 percent of the poverty level eligible for Medicare. According to Space, Ohio currently covers children and pregnant women up to 200 percent of the poverty level and families with children up to 90 percent.
•Employers will be required to offer basic minimum standard coverage. Those not complying will be fined a penalty up to 8 percent of the employee’s salary. Small businesses, with payroll under $500,000 (and phasing up to $750,000) will be exempt.
•Small businesses offering insurance will receive a tax credit of 50 percent of employer costs.
•Legislation would ensure Medicaid rates match Medicare rates.
•Pharmacists would be exempt from surety bond requirements.
•The bill will help make Medicare more efficient by updating the program to reflect inefficiencies and overpayments. Over $500 billion in savings is projected with the program updates.
•Adjustments will be made to Medicare Advantage, which has been overcompensated for services, according to Space.
•The bill expands the National Health Service Corps., which “creates loan forgiveness programs and scholarships that draw physicians to shortage areas.” In addition, the bill develops a new loan forgiveness program for physicians in “lesser shortage” areas.
•Creates a fund that would support public health initiatives.
•Revenue for the changes would come from a surcharge imposed on American making more than $1 million a year.
•A new grant program would be utilized that would give support to states implementing tort reform laws.
•The bill specifically excludes coverage for illegal immigrants.
•No funding is provided for abortions through the bill and further prohibits the federal government from “making abortion a required benefit under any new health insurance plan.”
•The bill will allow for Medicare reimbursements to physicians “who offer counsel and advice to seniors about options for end-of-life care.” Insurance companies will also be required to provide consumers with information on living wills and other advanced directives.
