Can anyone tell me what happens if McCain wins for those who already have company provided health benefits? Will benefits stop? What will a tax credit do to help those already insured? Also if it stops and one has a preexisting condition what happens under McCain's plan?
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If you currently have paid health care, then under McCain's plan the employer's payment of your premiums will be taxable (currently, it is not). So, you will actually see a decrease in your income. However, your employer may change things such that you have to pay $5000/year for your health plan. In exchange, McCain's plan will give you that $5000. So, in the end, the insurance company gets the same. Your employer pays $5000 less. And you still need to pay the taxes on the plan (minus $5000). So, in the end, depending on your other tax factors, you'll likely end up with the exact same plan, will pay higher taxes. However, your employer, having made an extra $5000 in profit/employee (funded by the American taxpayer) might be able to offer you something else worth $5000. In theory, according to McCain, that extra $5000 will go into hiring more people, fixing the economy. Don't believe me? Read McCain's full plan and then plug in your own information into an updated set of tax calculations to see if you win or not. Ask your employer what they plan to do with the extra $5000.
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