Senate bill fines people refusing health coverage, "shared responsibility payments"

From the AP:

Americans who refuse to buy affordable medical coverage could be hit with fines of more than $1,000 under a health care overhaul bill unveiled Thursday by key Senate Democrats looking to fulfill President Barack Obama's top domestic priority...

In a revamped health care system envisioned by lawmakers, people would be required to carry health insurance just like motorists must get auto coverage now. The government would provide subsidies for the poor and many middle-class families, but those who still refuse to sign up would face penalties...

Called "shared responsibility payments," the fines would be set at least half the cost of basic medical coverage, according to the legislation...

In 2008, employer-provided coverage averaged $12,680 a year for a family plan, and $4,704 for individual coverage, according to the Kaiser Family Foundation's annual survey...

In a statement, [President] Obama welcomed the legislation, saying it "reflects many of the principles I've laid out..."

In a conference call with reporters, Sen. Christopher Dodd, D-Conn said the revised bill had brought "historic reform of health care"...

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