Heath-care bill only provides unpredictablility and unclear provisions

November 10, 2:45 AMNY Page One ExaminerMolly Zelvonberg

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The obama administration is promising not to raise taxes to pay for universal heath care, but the only way to cover the cost will be for the Federal Reserve to print more money.

The question is, will health care reform aggravate an already weakening dollar?

Case in point, the heath care reform package is already twice as expensive as originally forecasted,  the estimates of past health care spending programs have always been expensive and historically has led to fraud, and waste.

Are we to believe in the illusion that the health care reform package is free, the money will come from somewhere, foreign creditors are already uneasy about investing in the U.S., as the national debt continues to skyrocket.

There are many key questions that need to be answered about the  health care bill aka "The affordable health care for America act"

• Cost: $894 billion to $1.2 trillion over a 10 year period.
• Who will be covered? 96% of U.S. citizens and legal residents younger than 65 years of age.
• Who pays for it? Singles earning more than $500,000 a year and couples earning $1 million a year
• Medicare and Medicaid cuts and savings.
• The mandate: Couples earning about $18,7000 or singles earning $9,350 must have insurance or pay a 2.5% penalty on income.
• Individuals and families with annual income up to 400% of poverty level, or earning $88,000 for a family of four, would get a sliding-scale subsidies starting in 2013
• If you have insurance, (private) employer-subsidized plans remains because it will be required that employers provide coverage.

Insurance companies cannot deny coverage or charge higher premiums based on preexisting conditions: No higher premiums for gender, Limits on higher premiums based on age, Children could stay on parents' plans until age 27.

Beginning in 2013, a new Health Insurance Exchange would be open to individuals with no inadequate coverage and to small employers. A new government -run plan would be set up and run by the Health and Human Services Secretary, offering levels of benefits covering 70% to 95% of health care expenses. Seniors: The bill closes Medicare's prescription drug a $3,454 coverage gap under which seniors have to pay for medicine totally out of their own pocket, shocking.

How will it impact on businesses? Employers with payrolls above $500,000 must provide insurance for whoever they employ or pay a penalty. Small businesses with 10 of less workers would be able to get a tax credit to help them provide coverage.

In an attempt to give everyone health-care,  one can't help but wonder, why are some of the provisions coded with language such as fines and penalties for none compliance. I can't help but notice that this bill is sounding more and more like a health-tax bill, either way your going to pay.

More:

The Joint Committee on Taxation ( estimated revenue effects of te revenue provisions contained In HR 3962 " The affordable health care for america act"

The Urban Institute: Nonpartisan economic and social policy research

Tax Policy Center: The Distributional Analysis of house health reform income tax surcharge

Investors see the dollar as weaker than other currencies, and so they're using it for what's known as "carry trade," to finance purchases of investments in other countries.