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Under the proposal from Senate Democratic leader Harry Reid, health insurance plans for large groups would have to spend at least 85 cents out of every dollar on medical costs. That means just 15 cents could go toward overhead and executive salaries, among other things. Small groups or individual plans would have to spend at least 80 cents on the dollar for care
The original Senate bill taxed the health insurance industry $6.7 billion a year. But under Saturday's proposal the industry would face a $2 billion tax in 2011 that increases over time to $10 billion in 2017.
Additionally, the bill's revisions delayed a $2 billion-a-year tax on medical device manufacturers until 2011 but raising it to $3 billion after 2017. The total tax on the industry would be unchanged at $20 billion over 10 years, a spokesman for Democratic Senator Evan Bayh said. Device makers are seeking to delay the tax until 2013.
Reid's changes also removed a provision that would have raised $5 billion through taxes on cosmetic surgery, wrinkle-filling injections and other similar procedures, replacing it with a tax on indoor tanning salons.
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