President Obama (D)
- The health reform law is expected to cost $1.168 trillion over the next 10 years, according to the Congressional Budget Office estimates. New taxes and program savings are expected to offset that spending and reduce the deficit by $84 billion.
- Reduce costs by requiring insurance companies to spend 80% of revenues on health care; only 20% can be spent on administration.
- Accountable Care Organizations (ACOs) -- organizations within Medicare that financially reward doctors and hospitals that partner to deliver more coordinated, higher quality care, at lower costs.
- Value-based purchasing -- a Medicare program that reimburses hospitals based on the cost and quality of care they deliver, not the quantity.
- Independent Payment Advisory Board (IPAB) -- a 15-member board, appointed by the president and subject to Senate confirmation, is charged with keeping Medicare spending down by implementing cost-saving measures if spending rises.
- Greater authority to identify and prosecute for costly fraud and abuse.
- Bringing down overall costs will result in lower premiums for consumers.
Governor Romney (R)
- Cost of overall plan undetermined.
- Promote free markets, less regulation, and more competition.
- Allow people to buy insurance across state lines, increasing competition.
- Place a cap on damages in medical malpractice lawsuits.
- Transparency on pricing and services.