Washington, D.C.—(ENEWSPF)—December 10, 2009. In 2008, the United States spent $2.4 trillion on health care. By 2018, national health spending is expected to almost double – reaching $4.4 trillion and comprising 20 percent of our economy. If Congress doesn’t act to slow the growth of health care costs, America’s economy won’t be able to keep up and jobs will be lost, wages will drop, and health care benefits will be cut. The Patient Protection and Affordable Care Act promotes a more efficient health care system and smarter health care spending by increasing competitions and informed choice. One way the bill achieves meaningful reform is through an excise tax on high cost insurance plans offered by large employers. Today, many Americans receive expensive – and inefficient – employer-sponsored plans instead of higher wages. The excise tax on insurance companies offering high cost plans will force insurers to compete to offer meaningful coverage that doesn’t encourage wasted spending on inefficient care. When our health care system is more efficient, it will cost less for America’s families and businesses, and that’s the goal of the high cost insurance excise tax and may other policies in health reform.
