The new health care bill injects money and regulation into the health insurance industry. Image from Flickr.
Yesterday evening in congress, the health care reform bill, HR 4872, passed the house of representatives on a 219-212 vote. An incredibly sweeping change, the new health care bill has many pros and cons. With more than 2,000 pages in HR 4872, the basics of the new health care reform bill are extensive. In short, the U.S. government will be attempting to provide health care insurance for most Americans without those individuals needing to take out a payday loan to pay for that coverage. The effects of the new health care bill will be split over 10 years. The first two years will be covered below - to see the effects the new health care bill will have from 2012 - 2018, see Part 2.
New health care bill not yet law
The new health care bill passed the House on Sunday, but it is not yet law. First, the new health care bill must go back to the Senate for reconciliation. This means that some major provisions of the new health care bill may change - though the pros and cons of the majority of new health care bill are likely to remain the same. Once the bill is reconciled through the Senate, it will go to President Obama's desk to be signed. At that point, the new health care bill would become law.
The timeline of the new health care bill
Because there are many details involved with the new health care bill, the timeline of implementation for the bill is currently set at 10 years. This is assuming that the new health care bill provisions are not repealed or changed in subsequent legislation. The cost of the health care bill is estimated to cost about $100 billion a year, but that cost is estimated to be more of a cash loan - the cost savings from altering the health care system are estimated by the Congressional Budget Office to be more than twice the yearly cost. ... click here to read the rest of the article titled "New health care bill summary | Health Care Reform basics Part 1"
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