I know I said I would go into definitions on what to look for in disability insurance, but some new information came across the Associated Press this week about the Health Care Bill and I think it is important enough to share. I will explain this news as best as I can. Click here to see the article.
Most people have predicted this health care bill will cost, according to the Congressional Budget Office (CBO), over 1 trillion dollars. The reason it will increase that amount so much more than what was told is because the funding was not included for the enforcement of the law. If you recall, a few weeks ago I explained that if you didnt get health care the IRS could not come after your assets to fine you. This was because there were no provisions that funded the agency to do so. According to Kenneth Baer, a spokesman for the White House budget agency, "Authorizations for discretionary spending are not expenditures." The "descretionary spending" that Mr. Baer is referring to is the costs to allow federal agencies to enforce the penalties. So the CBO could not include these costs in the original bill due to the fact that the enforcement was considered "descretionary spending" and not"expenditures".
According to this same article, costs could go higher because the legislation authorizes several programs without setting specific funding levels. We were told that this would help reduce federal deficit by $143 billion. I just dont see this happening due to the fact that there are now these descretionary spending "add-ons".
President Obama did say when they were trying to get this passed that if this bill goes past the $1 trillion mark, or adds a dime to the deficit, he would veto it.
If you would like to see the CBO report, click here.
On this, we will just have to wait and see.
In other related information there are now 19 states that are in the lawsuit suing the federal government over this health care bill. If you would like to read the lawsuit you can find it here.
Information gathered from the Associated Press.
Unless anything else develops within the healthcare legislation I will go into definitions for you next week and discuss what to look for in your disability policy.
As always, if you have had your health insurance for more than a year or two, you are likely paying too much. Contact us so to learn how much money we may save you.
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