Nancy Pelosi has finally released the House of Representatives' version of the mammoth healthcare reform bill, which costs almost $900 billion. While this is by no means the end of the debate (the bill still has to be reconciled with the Senate's differing proposal), some of the dust has now settled. Who looks to benefit from Pelosi's proposals, and who will be hurt by them? As expected, the bill includes a public option and forbids the denial of coverage to people with pre-existing conditions. The uninsured win (even more so than in the Senate's bill, which allows states to opt out of the public option), and health insurance companies lose. Medicare Advantage will see some budget cuts, so many senior citizens will lose; but the new insurance exchange market (including both for-profit insurers and the federal government) will lead to lower premiums, a boon to individuals and small businesses in search of affordable health insurance on the open market. Most of these results are obvious, but there are some unusual beneficiaries and also-rans in the House's bill.
One of the groups that's surprisingly hard-hit by the House's healthcare bill is the medical device industry. A 2.5% excise tax will be levied on makers of medical devices for all sales. The tax is set to cost them about $20 billion over the next 10 years. One of the Senate proposals is even worse for the industry; theirs would cost a total of $40 billion. However, Senate Majority Leader Harry Reid has promised to cut that amount in half, reconciling it with the House's bill.
A big winner in the Speaker of the House's bill is the pharmaceutical industry. The manufacturers of prescription drugs have been cooperating with legislators during the entire reform process, and have been rewarded with their own piece of pork. High-tech drugs developed deadly illnesses like Parkinson's disease and cancer will have 12 years of patent protection. That provision makes the $80 billion they pledged to pay towards affordable health insurance look like peanuts. Still, it seems hypocritical that politicians who support the expansion of health insurance are willing to stand in the way of generic medications, which have been proven to be one of the most reliable methods of saving healthcare dollars.
Yamileth Medina is an up and coming expert on Health Insurance and Healthcare Reform. She aims to help people realize that they can get affordable affordable health insurance right now while waiting for a public option, if it ever gets passed. Yamileth lives in Miami, FL.
Disclaimer: All information on this site is provided for informational purposes only! By no means is any
information presented herein intended to substitute for the advice provided to you by any health care or other professional
or organization.
tweet this!