U.S. House unveils unified health care bill

WASHINGTON, Oct. 29 (Xinhua) -- U.S. House leaders unveiled Thursday a unified healthcare reform legislation which includes a controversial public health insurance option.

Speaker of the House Nancy Pelosi unveils the House Democrat's Healthcare plan on Capitol Hill in Washington October 29, 2009.(Xinhua/Reuters Photo)

That marks another milestone in the endeavor launched by U.S. President Barack Obama earlier this year to overhaul the country's problematic health care system.

"Today, we are laying the foundation for a brighter future for generations to come," House Speaker Nancy Pelosi told reporters at a press conference to introduce the new bill.

"For Americans struggling with the cost of health care, this is an urgently needed bill," said House Majority Leader Steny Hoyer. "This is an idea whose time has come."

The 2,000-page bill combines three different versions drafted by different House committees and would cost 894 billion U.S. dollars over next 10 years while extending insurance coverage to 36 million Americans currently without health insurance.

It guarantees that 96 percent of Americans have coverage based on an analysis by the nonpartisan Congressional Budget Office.

Among other things, the bill would subsidize insurance for poorer Americans and create health insurance exchanges to make it easier for small groups and individuals to purchase coverage.

It would also cap annual out-of-pocket expenses and prevent insurance companies from denying coverage for pre-existing conditions.