It’s been all over the media: President Obama has released his own health care plan that will be debated in a live television broadcast beginning at 10am, February 25th, live on C-Span. Although the Senate health care reform hearings have been broadcast live, in an unprecedented move, President Obama will meet with Democratic and Republican leaders in an attempt to revive health care reform. His plan, a total of 11 pages, is patterned off the most recently passed Senate bill with some revisions that would allow this plan to become acceptable bipartisan legislation.
Sadly, the summit has become a political show for Democrats and Republicans. It is difficult for the average American to understand how this newest plan will affect their health care, whether it be as an employee, employer or Medicare participant. What has been publicized are terms like filibuster, reconciliation and state innovations. While summaries of the plan have been made available, the major news media have focused on attendance and the political ramifications of the summit.
Given this preview of the summit, many Americans would prefer watching the United States hockey team’s next Olympic victory. Another health care reform plan exacerbates the already high level of confusion and concern among individuals. Though the plan speaks to expanding the CLASS program, a new health care Exchange, the elimination of extra charges for preventative care, and any discrimination against people with pre-existing conditions—to name a few of the provisions—it is another chapter in the mystery novel known as Healthcare Reform.
What can Wealth Managers, Financial Services firms and employers do? Continue to educate clients and employees about the importance of healthcare planning for the future. Regardless of what shape reform takes, individuals will still be responsible for assessing the financial impact for themselves and their families.
To learn more about what you can do, contact us.