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A new standard deduction for health insurance would be available to any taxpayer with qualified health insurance, whether provided through an employer or purchased directly from an insurer regardless of the actual cost of the coverage. In general, the current tax exclusion for employer paid coverage, the individual medical expense deduction, and the self-employed premium deduction would no longer be available.

Changes would also be made to the Health Coverage Tax Credit (HCTC) that was created under the Trade Adjustment Assistance Reform Act of 2002. Under this program, refundable tax credits for qualified health insurance are available to eligible individuals whose jobs were lost as a result of competition from foreign trade or whose retiree health benefits were lost as a result of their former employer's corporate insolvency.

Reauthorizes SCHIP permanently, allocates additional resources for state allotments, offers state options for coverage expansions including to children up to 400% of the federal poverty level (FPL), provides for improved outreach and enrollment of eligible children, and makes other program changes.

Establishes a national health insurance plan that would cover virtually all persons in the U.S. not covered under Medicare, and would provide supplementary benefits to Medicare beneficiaries.

Would phase out the 24-month waiting period for disabled individuals to become eligible for Medicare benefits. Would eliminate the 24-month waiting period for individuals with life-threatening conditions (in the same way as for individuals with amyotrophic lateral sclerosis (ALS).

The bill would create a new Title XXII in the Social Security Act, establishing AmeriCare, to provide coverage to all residents of the U.S.  Benefits would be similar to Medicare but modified to include additional benefits for children and pregnant women, and more coverage of preventive and mental health services and substance abuse treatment. and could be provided by private insurers under rules similar to those governing the Medicare Advantage program.  Coverage of prescription drugs and cost sharing would differ from current Medicare. Individuals would obtain coverage through AmeriCare or could opt out if they had equivalent coverage provided through their employer.  AmeriCare would be financed through contributions from employers, individuals, and states.  Premiums, deductibles, and coinsurance would be subsidized for lower-income individuals.