Home > Health Care Policy > Facts on “RomneyCare” and “ObamaCare”

Facts on “RomneyCare” and “ObamaCare”

For those of you keeping up with this year’s election, you know that there is a lot of talk about “RomneyCare” and “ObamaCare”. Believe it or not, there are more similarities than there are differences.  Here is what we know.

“RomneyCare”

——————————-
Real Name: St. 2006, c.58
Passed and signed into law in 2006 by Republican governor Mitt Romney
FACTS:
– 70 pages long
-opt out provision for health insurance mandate
– no federal government insurance option
– No new taxes
– No cuts to Medicare benefits
– Costs state only an additional 1% to state budget
– ruled constitutional by Massachusetts Supreme Court
“ObamaCare”
———————
Real Name: P.L. 111-148
Passed and signed into law in 2010 by Democrat President Barack Obama
Modeled off of “RomneyCare” said by Fox, CNN, MSNBC, NBC, CBS, ABC
FACTS:
– 2,074 pages long
– CO-OP option that is exempt from federal health insurance mandate
– Increases taxes by $500 billion (IRS.gov)
– Cuts Medicare by $500 billion (CMS.gov)
– expands medicaid eligibility to families with incomes up to 133% of poverty level
– insurance companies must pay 85% of premium dollars on medical services
– medicare “fee-for-service” changed to bundled payment structure
– Total new tax revenue amount to $409.2 billion over the next 10 years. $78 billion will be realized before the end of fiscal 2014. Summary of revenue sources:
  • Broaden Medicare tax base for high-income taxpayers: $210.2 billion
  • Annual fee on health insurance providers: $60 billion
  • 40% excise tax on health coverage in excess of $10,200/$27,500: $32 billion
  • Impose annual fee on manufacturers and importers of branded drugs: $27 billion
  • Impose 2.3% excise tax on manufacturers and importers of certain medical devices: $20 billion
  • Require information reporting on payments to corporations: $17.1 billion
  • Raise 7.5% Adjusted Gross Income floor on medical expenses deduction to 10%: 15.2 billion
  • Limit contributions to flexible spending arrangements in cafeteria plans to $2,500: $13 billion
  • All other revenue sources: $14.9 billion

(irs.gov, cms.gov)

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