Asa Hutchinson: “there are 39 million uninsured people in America, and that number is predicted to grow to 50 million by 2010.…”

“there are 39 million uninsured people in America, and that number is predicted to grow to 50 million by 2010. Surprisingly, 80 percent of the uninsured are members of working families, who work hard everyday but simply cannot afford the rising cost of health care. According to a recent survey by Hewitt Associates, the average insurance premium will increase more than 20 percent in 2003. This is a sharp increase from earlier forecasts. Such an increase is in addition to the double digit increase in premiums anticipated this year. I am pleased today to introduce the Securing Access Value and Equality in Health Care Act, or SAVE Act. This bill will provide every American with a pre-payable, fully refundable tax credit toward the purchase of health insurance. The tax credit will be $1,000 for individuals, $2,000 for married couples, and $500 per dependent, up to $3,000 per family. An additional 50 percent will be added for any additional premiums to assist those with higher costs. By being pre-payable, the credit will be available to individuals at the time of purchase, instead of when they receive their annual tax return. A study by Professor Mark Pauly at the Wharton School at the University of Pennsylvania showed that a credit like that contained in the SAVE Act would remove 20 million Americans from the ranks of the uninsured.”