Senate’s 10-year health fix would cost U.S. $856B

WASHINGTON (AP) — Sen. Max Baucus released the much-awaited Finance Committee version of an American health-system remake — a landmark $856 billion, 10-year measure that starts a rough ride through Congress without visible Republican backing.

The bill by Baucus, chairman of the Finance Committee, would make major changes to the nation’s $2.5 trillion health-care system, including requiring all individuals to purchase health care or pay a fine, and language prohibiting insurance company practices like charging more to people with more serious health problems.

“This is a unique moment in history where we can finally reach an objective so many of us have sought for so long,” Baucus said today. “The Finance Committee has carefully worked through the details of health care reform to ensure this package works for patients, for health care providers and for our economy.”

Consumers would be able to shop for and compare insurance plans in a new purchasing exchange. Medicaid would be expanded, and caps would be placed on patients’ yearly health-care costs.

The plan would be paid for with $507 billion in cuts to government health programs and $349 billion in new taxes and fees.