The plan would provide universal health care even for those with preexisting conditions and regardless of age. The system would remain private but with government funds to cover those who cannot afford insurance using a sliding scale subsidy based on income.
A number of cost-cutting measures are included such as increasing preventive care, reducing emergency room costs associated with the uninsured, and decreasing paperwork costs with an electronic filing system.
Obama would also raise money by axing Bush's tax cuts for the wealthiest Americans and by requiring all but the smallest businesses to contribute to the system.
According to the proposal, Obama's plan would save the typical consumer about $2,500 a year in medical expenses.
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