Where Would the Money for Health Insurance Reform Come From?

For those happily employed by corporate America, getting health insurance as a benefit as an incentive was a win-win situation. By diligently punching the clock and being a “company man,” employees received health insurance coverage as an additional perk to their paycheck as a tax-free benefit. However, the health reform situation that is currently being bantered around by Congress may cause that to change.

There are approximately164 million Americans who are covered by their employer health insurance benefit, and to help get the funding necessary for sufficient health care reform, a portion of the total value of insurance premium cost may soon be considered taxable income. Just last week, the concept of reworking the tax-exemption policy picked up steam when President Obama said he would certainly consider that as part of the overall plan.

Currently two Senate committees are in the process of drafting new legislation that will ensure that all Americans have health insurance. Obama is strongly encouragingCongress to pass the health reform bill by early August, before the Senate goes on its annual one month hiatus.

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