McCain's health care?

iVillage Member
Registered: 08-02-2003
McCain's health care?
27
Mon, 10-20-2008 - 1:12pm

I have a concern about McCain's plan to tax our employer provided health benefits, and also a question for clarification.

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iVillage Member
Registered: 10-08-2008
Mon, 10-20-2008 - 1:18pm

Regarding the $5,000, I think he said in the debate that it was per family.

 

iVillage Member
Registered: 09-15-2008
Mon, 10-20-2008 - 1:18pm
i dont know the answer to your first question. but when i was reading from his website a few weeks ago it said 5,000 for family ot 2500 for individuals. not sure if it has changed since then, though.
iVillage Member
Registered: 04-24-2008
Mon, 10-20-2008 - 1:31pm

McCain plans to end health insurance coverage as we know it.

iVillage Member
Registered: 07-24-2006
Mon, 10-20-2008 - 1:38pm

Hi Jennie,


I am not sure I clearly understand it either, but here is what I gathered from various places, McCain's website and the last debate.


Right now on our paychecks, any 401K and Healthcare benefits are deducted pretax, each pay period, be it weekly, biweekly or whatever.

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iVillage Member
Registered: 03-19-2003
Mon, 10-20-2008 - 1:43pm
THIS page answers many questions .... and it's 5k per family

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iVillage Member
Registered: 08-02-2003
Mon, 10-20-2008 - 2:23pm

Okay, my sister has the health savings account and it doesn't work that great for her.

iVillage Member
Registered: 01-31-2001
Mon, 10-20-2008 - 2:43pm

Basically, instead of giving you the $5k in cash, it would be used in two ways. First, it would pay for the increase in payroll taxes that would happen when health insurance benefits are taxed. The remainder would be in the HSA which could be used for co-pays, deductibles, even over the counter medications, etc. can be reimbursed when you present the receipts to your HSA administrator.

As far as I can tell, you'd keep your same coverage, but the amount paid for that coverage would be taxed at whatever rate you usually pay, but again, that tax would be covered under the $5k family credit. For my family, McCain's plan would save us approx. $1300 which is our usual out of pocket expenses for health care.

Under the Obama plan, I haven't found any concrete numbers that would allow me to compare... we have good coverage that we are happy with as well. According to his website he would "Lower costs for businesses by covering a portion of the catastrophic health costs they pay in return for lower premiums for employees." so I'm assuming we might get slightly lower premiums (we pay around $160 a month now, so not sure how much lower we can go. One thing that may help us is his proposal to allow cheaper drugs to come into the country from other countries, but again, I only pay $20 a month now for my son's medications. His plan seems to be geared more towards people who aren't currently insured, or are under insured. I would have been more interested in his proposed changes back when I was paying $800 a month for premiums and was putting out $400 a month for medication.

Hope some of this helps

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VJ-Sig
iVillage Member
Registered: 08-02-2003
Mon, 10-20-2008 - 3:37pm
That does help.
iVillage Member
Registered: 07-24-2006
Mon, 10-20-2008 - 3:46pm

That is providing of course that there is anything left over.

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iVillage Member
Registered: 10-15-2008
Mon, 10-20-2008 - 3:49pm

Putting Families In Charge: Under the McCain Plan American families will not only decide where the tax credit should be directed for their coverage needs but any additional money left over after purchasing coverage will be controlled by the family in a portable health savings account. Ridiculing this line of strange attack, The Associated Press stated, "Of course it would, because it's meant to pay for insurance. That's like saying money for a car loan will go straight to the car dealer."


http://www.johnmccain.com/Informing/Issues/19ba2f1c-c03f-4ac2-8cd5-5cf2edb527cf.htm

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