Congresswoman Betty McCollum's eNewsletter
Non-Partisan Congressional Budget Office Finds Proposal Will Cut Federal Deficit by $130 Billion
Congresswoman Betty McCollum (MN-04) wants Fourth District families to know the facts about health reform as the U.S. House of Representatives prepares to pass this historic legislation. With a vote expected in the upcoming days the non-partisan Congressional Budget Office (CBO) announced the estimates of the legislation to be voted on in the House. The CBO has estimated that over the next ten years the bill will cost $940 billion and reduce the federal budget deficit by $130 billion. From 2019 to 2029 health reform will reduce the deficit by $1.2 trillion. At the same time health care reform will extend health coverage to 32 million additional people or 95% of Americans.
Passing health insurance reform will benefit the residents of Minnesota's Fourth Congressional District. The plan will put Fourth Congressional District residents and small businesses back in charge of their health care choices. It will make coverage more affordable for everyone and hold insurance companies accountable, stopping their worst practices like denial of coverage because of a pre-existing condition, dropping coverage when a policyholder gets sick, or arbitrarily increasing premiums.
"When we pass health care reform, it will have a real impact on Minnesota families and the families I serve in the Fourth Congressional District," said Congresswoman McCollum. "It's going to mean controlling costs, increasing access, ensuring quality, holding insurance companies accountable, and protecting patients from insurance company abuses."
Here are just some of the benefits that 615,000 Minnesota residents of the Fourth Congressional District will see from this reform:
- 409,000 residents of the Fourth Congressional District will see improvements in their current health care coverage
- 7,000 residents of the Fourth Congressional District who can't buy health insurance now because of a pre-existing condition will be able to obtain coverage
- Up to 141,000 families in the Fourth Congressional District will get tax credits to help make health insurance more affordable
- Up to 14,100 small businesses in the Fourth Congressional District will get tax credits to help make health insurance more affordable for their employees
- 86,000 Medicare beneficiaries in the Fourth Congressional District will see better care and will pay less for prescription drugs because the Medicare Part D donut hole will be closed
- 50,000 young adults in the Fourth Congressional District will be able to stay on their parents' health insurance policy until their 26th birthday
- 19,500 uninsured residents in the Fourth Congressional District will have access to health care coverage
- 900 families won't have to file for bankruptcy due to unaffordable health care costs
- 20 community health centers will receive millions of dollars in new funding to see thousands of new patients.
Health care reform legislation, which is being advanced in Congress by Democrats, will rein in health care costs across Minnesota and the United States. Small businesses will receive tax credits to make it easier for them to provide coverage for their workers - so they don't have to choose between providing health care and hiring new employees. Middle class families will get tax credits to make their health care costs affordable - so they never have to worry about going bankrupt because of an illness. Over 30 million Americans who currently cannot afford coverage will be able to receive health care, and millions of Americans will have the peace of mind that if they switch jobs-or lose their job-they won't lose their health care.