Bush and the Health Insurance Industry

Everybody in the United States is aware of the problems surrounding the health insurance industry. Over the past few years this has been brought to the forefront, and has in turn forced many states to take action on their own. It now seems that President Bush is also looking to make some changes in this department. He has a State of the Union Address planned for January 23, and it appears that he will be speaking in depth about his plans to overhaul the current structure of the health insurance industry.

A few days before the scheduled State of the Union Address, top advisors stated that Bush would recommend a two part plan to get things moving in the right direction. The first part of this proposed plan will deal with a reform of the tax code. This would reduce income taxes as to make private health insurance policies more affordable. Additionally, it would also allow individual states to make private health insurance an option for all residents. Both of these steps would be huge in helping this industry take the right steps towards a better future.

There are several unique and beneficial features of this plan. First off, families that carry health insurance will not have to pay any income tax on the first $15,000 that they make in a given year. For single individuals the income would drop to $7,500.

Additionally, tax deductions will also be affected. For instance, an average family in the 30 percent bracket would be able to take advantage of a $15,000 deduction which would lead to $4,500 to pay into a health insurance policy or plan.

There are many benefits that are being offered with this new proposed plan; above are only a few. It is safe to say that this is something of great interest to the American public. At this point it is a matter of how the next steps will be dealt with.