Is Obama’s Health Plan Good for America?

According to BarackObama.com, Obama’s health insurance proposal features many ambitious and grand features such as coverage for pre-existing conditions, tax credits to small businesses that offer employer based health insurance coverage, preventive screenings, and much more. Obama’s health insurance plan may also include “medical home” where a primary doctor coordinates healthcare. “In a sense, his proposal is similar to an HMO with the primary doctor as a sort of healthcare czar for each individual and the emphasis on preventive medicine,” says CEO Eric Oster of InsuranceBureau.com.

The issue remains, how will such comprehensive health insurance coverage be paid for? Financial analysts believe the cost of Obama’s health insurance plan could add $1.17 trillion to federal spending over a nine-year period of 2010 to 2019. Currently, Obama’s plan would put out-of-pocket costs to families at about $2,000 less than the national average of about $12,000. Reversing tax cuts on higher income individuals is just one way Obama’s administration plans to pay for this extensive health care coverage.