This last week Democrats of the House of Representatives revealed their bill, a combination of three separate plans, for our nation’s health care reform. The proposed bill not only incorporates a government-run insurance option, but also introduces new taxes on the rich. Specifically, a 5.4% tax would be imposed on individuals making more than $500,000, and couples making more than $1 million annually.

The new bill requires individuals to purchase their own health insurance, as well as the majority of businesses to offer coverage for their employees. In addition, the bill prohibits insurance companies to refuse coverage based upon pre-existing conditions. Although the current health insurance market is in dire need of this very amendment, there have been no concrete numbers proposed as to the actual cost of such a plan.

Although the health care reform has made considerable steps over the past year, it is expected to take at least an additional three years before any tangible benefits of the reform will be experienced. For example, with the current bills under review, the tax-credits to help make health insurance affordable for Americans will not be implemented until the year 2013. According to the Obama Administration, this delay is a consequence of the time it will take to set up a competitive insurance marketplace, as well as fully implement the new legislation.

This last Tuesday was another milestone in the ongoing health care reform as the Senate Finance Committee approved a version of the bill by a 14-9 vote. Surprisingly, the only Republican to cross party lines and offer her support was Sen. Olympia Snowe, R-Maine.

The legislation is estimated to cost $829 billion over the next 10 years, and strives to provide health insurance coverage to an additional 29 million Americans. To achieve such a feat the legislation intends to expand Medicaid coverage, provide tax-credits to help subsidize the cost of health insurance, and require individuals to purchase their own insurance or be faced with penalties of up to $750.

In this video we look at what Obama’s health insurance reform would mean to consumers. Instead of taking a normal look at this reform, we take a look at how you can control your own health insurance reform. How can you personally help yourself save money on health insurance? Watch this video for more information about taking your own health care reform into your own hands.

This last week new information regarding our nation’s health care reform emerged from the Senate Finance Committee. Rumor has it that the legislation expected to surface would likely omit two major components of the Democrats’ proposed health care reform; specifically, there would not be the option of a public plan, and the mandate for employers to offer health insurance employees would be excluded.

Replacing the option of a public plan would be the establishment of a “co-op” group. What are the components of a “co-op” group?

• A non-profit insurance company
• Is not run by the government