Okay, so maybe you’re outside the target demographic for MTV’s get out the vote push. But with less than a week to go until election day, it’s time to make your choice and show the power of your industry as a voting bloc.
For those of you still undecided, here’s a reminder of where Sens. McCain and Obama stand on benefits-related issues from EBN coverage, independent analysis and the candidates themselves.
- Parties diverge on health care reform
- Health reform standing front and center: Democratic presidential candidates agree
- McCain’s health platform taxes benefits as income
- Presidential candidates showcase their small business views
- Best of both worlds key to health care reform
Then take our Daily Diversion quickpoll (right) on the issue that is most important to you in this election. I’m looking forward to reading your responses.
Wednesday, October 29, 2008
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4 comments:
I thought McCain wanted to give a tax credit? I know they keep saying he is going to tax the benefit however every time I have heard him speak he talks about a tax credit. Are you being a little one sided on this issue?
We should not be worried about John McCain's recommendation to tax benefits. With Congress being predominiately democrats, they are going to have their own agenda for healthcare reform. What I am worried about is the Obama platform of health care for all. While we certainly need to revamp the healthcare system, a universal system (like Canada) would tax our current healthcare system since we would have a shortage of doctors, nurses and hospitals to accommodate an an increase of 46 million to the healthcare system. I can see a waiting list of six months for heart surgery or 18 months for a hip replacement. It happens. Talk to our neighbors up in Canada and they will tell you. It would also provide a huge tax increase during a time when many people are losing their jobs. And we all know how efficiently a government run system would work. Just look at Social Security, Medicare and the VA. We need to revamp but we need to make sure that Washington does it prudently without causing additional hardships for the citizens of this great country.
McCain's health plan taxes employer provided healthcare benefits for the first time in history and to offset those higher taxes provides a tax credit.
The candidates concentrate on the portion that plays better to their campaigns. McCain only mentions the tax credit, while Obama mentions mostly the tax increase.
However, there are other important consequences to consider:
If employees would be taxed under McCain's plan, so the employers. Employee health benefits woudnt be a tax deductible business expense anymore.
Would this be final incentive for employers start dropping their employer provided health programs?
Also, if healthy people start dropping themselves from their employer's health plans due to the tax credit, that would leave only the sicker people in the plans increasing the cost of those plans forcing employers to drop the plans completely.
If employers drop their plans how will employees with pre-exixtent conditions manage in the individual health insurance market?
The latest survey shows the average cost of a family health insurance policy in about $12,000/year. Mccain's proposed tax credit for families is only $5,000
People need to read the candidates positions more carefully. I believe anymore that we are all lazy and don't take the time to really understand the actual plans. McCain will tax benefits. On the otherhand he will give a tax credit for the purchase of healthcare. The problem is that the credit is not realistic. He stated the other day that his family credit of up to $5000 for family coverage is the average cost of family coverage and that is dead wrong. It understated by as much as $5000 to $6000.
As to Obama's proposal, I see him using the existing system and requiring that all employees be covered, somewhat like worker's compensation. I also see him opening up governmental based programs as default providers of coverage - alternatives to the existing, traditional insurance coverages.
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