Reid’s bill includes public option with opt-out and tax on “cadillac” plans

Senate Democrats are scheduled to hold a press conference at 6:30 PM to reveal details of their health insurance reform legislation. As noted below, the Democratic proposal will cost $849 billion, while reducing the deficit by $127 billion.

New details via Sam Stein, including the first indication that there is a public option:

Sen. Kent Conrad (D-N.D.) told reporters outside a caucus briefing that the bill includes a national public option with an opt-out provision for states, a tax on high-cost health insurance plans with an exemption for poor people and and those with high-risk jobs and language on abortion that does not go as far as Bart Stupak’s amendment in the House.

The New York Times has more on the additional funding sources:

Though broadly similar to the House bill, Mr. Reid’s proposal is expected to differ in important ways. It is, for example, likely to increase the Medicare payroll tax on high-income people and to impose a new excise tax on high-cost “Cadillac” health plans offered by employers to their employees.

Labor opposes that excise tax as their members often negotiate for better benefits at the expense of higher salaries.

On October 27, 2010, Joe was one of five bloggers who interviewed President Obama. Joe is a DC-based political consultant with over twenty-five years of experience at both the state and federal level. Joe has managed political operations and legislative efforts for both candidates and issues-based organizations. For seven years, he was the Director of State Legislation at Handgun Control, Inc. He served as that organization's first Political Director during the 2000 cycle. Joe is a graduate of the University of Maine School of Law. In addition, he has a Masters in Public Administration from Lehigh University and received his B.A. from the University of New Hampshire. Joe also has a fun dog, Petey, a worthy successor to Boomer, who got Joe through eight years of Bush and Cheney. Joe likes to think he is a world class athlete having finished the 2005 Chicago Marathon in the time of 4:10. He has completed six other marathons as well -- and is still determined to break the four hour mark.

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