Sen. John McCain ( R-Ariz.) joined the ranks of presidential hopefuls on both sides of the aisle who are coming up to bat on what pollsters have determined is the nation's second most important domestic issue - healthcare.
At a Des Moines Rotary Club lunch on Oct. 11, McCain unveiled his healthcare platform, saying he anticipates that healthcare will be a prominent issue in the presidential election.
"The biggest problem with the American healthcare system is that it costs too much, and inflationary pressures are actually built into it," McCain said. "My reforms are built on the pursuit of three goals - paying only for quality medical care, having insurance choices that are diverse and responsive to individual needs, and restoring our sense of personal responsibility."
McCaid added that bringing costs under control will be pivotal in saving Medicare and Medicaid, protecting private health benefits for retirees and enabling companies to effectively compete around the world.
"Controlling healthcare costs will take fundamental change - nothing short of a complete reform of the culture of our health system and the way we pay for it will suffice," he said. "Reforms to federal policy and programs should focus on enhancing quality while controlling costs."
McCain called the U.S. healthcare system a "perfect storm" that must be addressed by the next president. " We currently spend $2.2 trillion - 16 cents of every dollar we spend - on healthcare," he said. "By 2015, just seven years from now, that number will nearly double to $4 trillion. By 2019, Medicare will be broke."
As part of his reform package, McCain is calling for changes to the tax code to eliminate what he called the bias toward employer-sponsored health insurance. His proposal aims to provide all individuals with a $2,500 tax credit; families would receive a $5,000 credit to increase the incentive to take on insurance coverage. Those who opt for innovative multi-year policies that cost less than the full credit can deposit remainder in expanded health savings accounts, McCain said.
According to McCain, families should be able to purchase health insurance nationwide, across state lines, to maximize their choices and heighten competition for their business. That would eliminate excess overhead, administrative costs and excessive compensation costs from the system.
"I believe Americans want to be part of a system that offers high quality care, that respects their individual dignity and is available at reasonable cost," he added.