McCain Favors Tax Credit for Health Insurance

Republican presidential nominee John McCain has his own idea of how to fix the health insurance woes that are affecting millions of Americans. While his competition is most interested in some sort of universal health care coverage, McCain favors the use of tax credits. In the long run, this will shift the power from receiving health insurance through employers to an open market where competition among providers will be essential.

McCain recently stated that he would provide families with a $5,000 annual tax credit in order to help offset the cost of health insurance. One of the biggest benefits of this proposal is that everybody would receive the credit no matter if they shop for a new policy or keep the one that is being offered through an employer. This stipulation helps to make sure that those who are satisfied with their current situation can keep things the way they are.

McCain said, "The health plan you chose would be as good as any that an employer could choose for you. It would be yours and your family's health care plan, and yours to keep.' As you can imagine, this is what people want to hear. Although individual health insurance policies are available right now, they are not as affordable or as good as those that can be had through an employer.

At this time, there are still many details of this plan that have yet to be discussed. Mainly, the cost of the plan as well as how many Americans it would benefit. With more than 47 million without insurance, it is essential that any plan offer coverage to a majority of these people.

Over the next few months, it is safe to say that McCain will be revealing more details on his proposal. There is no denying that this is a large contrast to the plans that his Democratic competition has in mind.