US joins ranks of civilized countries as Congress passes Health Care Reform Bill

President Obama's democratic party's victory came by a narrow margin of 219 to 212, with all Republicans and 34 Democrats opposing. But it secured the most sweeping domestic reform since the 1960s that a few weeks ago seemed dead and buried when the Democrats lost a crucial Senate by-election in Massachusetts. “We proved we are still a people capable of doing big things and tackling big challenges,” said Mr Obama. Reprising his campaign

mantra he added: “This is what change looks like, tonight we answered the call of history.”

The major benefit of this historic health care reform bill which passed last night  in the US Congress is that it will expand coverage to 32 million Americans who are currently uninsured. Some other important plus points for the American citizens are:

• Six months after enactment, insurance companies can no longer deny children coverage based on a preexisting condition.
• Starting in 2014, insurance companies cannot deny coverage to anyone with preexisting conditions.
• Insurance companies must allow children to stay on their parent's insurance plans through age 26.
• Illegal immigrants will not be allowed to buy health insurance in the exchanges -- even if they pay completely with their own money.
• The bill segregates private insurance premium funds from taxpayer funds. Individuals would have to pay for abortion coverage by making two separate payments, private funds would have to be kept in a separate account from federal and taxpayer funds.
• No health care plan would be required to offer abortion coverage. States could pass legislation choosing to opt out of offering abortion coverage through the exchange.
• Medicare Payroll tax on investment income -- Starting in 2012, the Medicare Payroll Tax will be expanded to include unearned income. That will be a 3.8 percent tax on investment income for families making more than euro 185,000 per year ($250,000).
• Excise Tax -- Beginning in 2018, insurance companies will pay a 40 percent excise tax on so-called "Cadillac" high-end insurance plans worth over euro 20,370 ($27,500) for families. Dental and vision plans are exempt and will not be counted in the total cost of a family's plan

Total cost of the new US Health Care program is estimated at  euro 696 billion ($940b) over ten years.
The new Health Care plan is also expected to reduce the US budget deficit by euro105 billion ($143 b) over the first ten years.

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