October 7, 2009 [Washington, DC] - This coming Tuesday, October 13, the Senate Finance Committee is scheduled to vote on its version of healthcare reform - bringing to three the number of different options that have been cleared for floor action. Ten year cost estimates for the plans run from $645 billion (the Senate Health Education and Labor and Pensions Committee) to over $1 trillion ( the plan put forward jointly by three House Committees).

The Senate Finance Committee's preliminary score released last night by the Congressional Budget Office is $839 billion and would cover 94% of all legal residents by 2015 and eventually lead to an $89 billion surplus over the course of a decade. Offsetting the cost are fees on insurance companies and drug and device manufacturers, cuts in Medicare and Medicaid, a penalty on employers with more than 50 employees who fail to offer coverage, and a 35% excise tax on premiums paid for so-called "Cadillac" private heath insurance plans that cost more than $8,000 year for individuals and $21,000 a year for families.

Neither of the two Senate versions include a public plan for people under 65, one completely financed by the government like Medicare for those over 65. The House plan does and the larger cost under that version would be offset by higher income taxes for those making more than $280,000 a year ($350,000 for couples).

Both Senate plans do offer a hybrid plan of insurance exchanges or non- profit cooperatives to compete with private insurers. All plans require everyone to have insurance. Medicaid income levels would be raised to cover more people, and those just above qualifying levels would receive a combination of subsidies or tax credits to help pay for insurance.

The Senate Finance Committee and the House plans also call for sizable cuts in Medicaid and Medicare.

The full text of the Congressional Budget Office preliminary cost estimates can be seen here.

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