John McCains Health Care plan, page 1

John McCain Will Reform The Tax Code To Offer More Choices Beyond Employer-Based Health Insurance Coverage.

While still having the option of employer-based coverage, every family will receive a direct refundable tax credit - effectively cash - of $2,500 for individuals and $5,000 for families to offset the cost of insurance. Families will be able to choose the insurance provider that suits th

Those obtaining innovative insurance that costs less than the credit can deposit the remainder in expanded Health Savings Accounts.

From the source




So let me "put this in a nutshell"

John McCains policy does nothing but REWARD the people who CURRENTLY can afford health care.

It does NOTHING to help the people who CURRENTLY cannot afford health care.

So....maybe we can discuss how this is best for our country?


A 5,000 dollar tax credit is great - but:

1.) How does McCain plan on paying for it?

2.) How is someone who cant currently afford health care going to afford health care under this plan? In order to qualify for the tax credit - you have to have a health care provider...... doesnt make sense to me.


Maybe someone can come straighten me out?

[edit on 8/27/2008 by Andrew E. Wiggin]

here's how i understand it

Refundable tax credits represent a different approach. Since they are a credit, rather than a deduction or exclusion, they do not depend on a household's marginal tax bracket. A tax credit of $1, for example, reduces taxes by $1 and thus is worth the same to households in the 35 percent bracket or the 15 percent bracket. And since they are refundable, they provide benefits to all tax filers, regardless of whether they owe income taxes on net.

Source


If you and your spouse will owe 10,000 for taxes this year - then under this plan, you'll only owe $5000 dollars for taxes, effectively raising your tax return

my question is:

How is he going to pay for it?
If you have to be in a Health Insurance company already to qualify - then how is everyone going to have access to it?



to further that:

Those obtaining innovative insurance that costs less than the credit can deposit the remainder in expanded Health Savings Accounts.

(From the source in the OP in John McCains policy)


So - you don't get access to that money. It goes into HSA that has even more restrictions on it:

An HSA is intended for those individuals who don't have health insurance or have only major medical coverage. It can also work to the benefit of some individuals who rarely utilize medical services and are under a group plan that has significant employee costs.

An HSA is like an IRA, but instead of providing retirement benefits, it provides a way to pay for medical expenses on a tax-free basis. Publication 969 states that to be an eligible individual and qualify for an HSA, you must meet the following requirements.

* You have a high-deductible health plan.
* You have no other health coverage (except generally you can have vision and dental).
* You are not enrolled in Medicare.
* You cannot be claimed as a dependent on someone else's 2004 tax return.

source




So if the remainder goes into an HSA

and you are instantly excluded from access to the HSA - because a requirement is:

* You have no other health coverage (except generally you can have vision and dental).

.....im so confused by McCains policy

you're given money that ... you CANT USE

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