Congressman Steny H. Hoyer (D-MD) joined President Obama at the White House today for the signing of the health care reform legislation that the House passed on Sunday, March 21. The new law will make health care more affordable for families and small business owners, reform insurance industry practices so consumers have more control over their health care, improve Medicare benefits and reduces the deficit.
“Health care reform that will provide access to quality, affordable health care for all Americans is now law,” stated Rep. Hoyer. “The enacted reforms will help bring down costs for American families and small businesses, give all people the security of health insurance that can’t be taken away, and will reduce the deficit more than any measure since the Clinton budgets of the 90’s that led to a strong economy and surpluses. The many benefits of this bill are far-reaching and will have a positive impact on all Americans. “
Starting right away, tax credits will be available for small businesses and there will be relief for seniors who fall into the Medicare prescription drug “donut hole” gap in coverage. Later this year, a high-risk insurance pool will be available for those who are uninsured because of a pre-existing condition, all children with pre-existing conditions will be covered, young Americans will have the option of insurance under their parents’ plan up to the age of 26, and insurance companies will be prohibited from dropping coverage for people when they get sick and imposing restrictive annual and lifetime limits on coverage. These reforms will be followed by the creation of insurance exchanges, opening up a transparent and competitive marketplace that will offer the choice of several private plans and provide tax credits for middle-class families to make health care more affordable.
“Taken together, these reforms will provide all Americans with greater security that their health care is in their hands, and America will be a healthier, and more prosperous country as a result,” said Hoyer. “And because of the significant cost containment provisions in the bill, we will be able to make a significant dent in the deficit and help keep down costs for all consumers of health care.”
The non-partisan Congressional Budget Office estimates that the health insurance reform bill will shave $143 billion off the deficit in the first 10 years and save $1.2 trillion dollars in the following decade. More information found at: http://www.majorityleader.gov/members/health_care.cfm