We posted earlier about John McCain’s health care plan and how they tie into health savings accounts. We thought it’d be a good idea to show you the break down of what he proposes, thankfully Newsweek already did it.
McCain’s plan would:
- Give a health insurance tax credit of up to $5,000 for couples and families and $2,500 for individuals. Those who choose to buy insurance on their own would be able to use the credit to pay for their health coverage, with payment going directly from the government to the insurance company. Nobody would be required to buy insurance for themselves or their children, and employers large or small would not be required to offer health insurance as a benefit.
- Tax the value of employer-provided health benefits. Employees would pay federal income taxes (but not Social Security or Medicare payroll taxes) on the value of those benefits. The tax credit would offset those taxes. Companies would not be taxed.
- Expand health savings accounts so that any money left over from the tax credit could be put into such an account, where it could be used for approved medical expenses.
- Allow the sale and purchase of insurance across state lines. No federal standards would be imposed, and insurance companies would not be required to cover preexisting conditions.
- Expand high-risk pools that exist in many states to cover those who have been denied coverage or have high-cost health issues. Some financial assistance would be given to low-income people in such pools.
