US Senate to Vote on Health Care Reform Bill

As a follow-up from our post last week regarding the House of Representatives health care reform bill, the U.S. Senate has also unveiled their $849 billion health reform bill.

The 2074-page Senate bill is expected to be voted on as early as this Saturday. The proposal now goes to the full Senate, where Republicans have vowed to try to block it.

Some of the more interesting aspects of the bill include the following*:

  1. The Medicare payroll tax on individuals earning $200,000 a year and couples earning $250,000 a year would increase by half a percentage point.
  2. Bill would require individuals to purchase health insurance, with a fine for non-compliance of $95 in the first year that would escalate to $750 by 2016.
  3. Parents would be responsible for providing coverage for their children up to 18 years old.

If the healthcare reform proposal passes the Senate, a combined version of the House’s proposal and the Senate’s proposal will need to pass both chambers before it can be signed into law.

Click here to read the Business Standard’s article on health reform: US Senate Unveils $849 BN Health Care Reform Bill.