In the 651-page bill released on Tuesday, the Senate Health, Education, Labor and Pensions Committee called for sweeping reforms to health insurance market, including a mandated coverage program–with waivers for those unable to afford it—and prohibitions for insurance companies to deny coverage or to heighten costs based on pre-existing conditions. The draft also provides for a new government initiative to provide coverage for the uninsured that would be funded by taxpayers, employers and individuals.

"Our goal is to strengthen what works and fix what doesn't," Senator Edward Kennedy, chairman of the committee, announced at the plan’s unveiling.

Capitulating to Republican reservations, Kennedy left the details of a public plan unresolved. The bill also needs clarification regarding whether employers would need to provide coverage to workers.

Where the funding for the sweeping reforms will come from is also unknown, but some say that the cost could exceed $1 trillion over 10 years.

Additionally, the Senate and House bills would create a “health exchange,” a so-called Orbitz of the health care industry that would provide for a portal of sorts where individuals could compare insurance rates.

"If you don't have a public option, who is going to keep the insurance companies honest?" said Senator Charles Schumer (D-N.Y.), a member of the Senate Democratic leadership. "Most of us don't believe that government regulation will be sufficient because they have the profit motive."

The bill also clamors for a new long-term care insurance program that would work to keep the disabled in their homes at an affordable premium. In its current form, the long-term care insurance would be available for purchase from the government for $65 a month.

Further, according to the bill, children would be permitted to stay on their parents’ plan until age 26.

This bill is among three that have been circulating around Capitol Hill recently, including one from fellow Senate democrat, Max Baucus, chair of the Finance Committee that is expected to be revealed in the upcoming days. The Kennedy panel will hold a public hearing on its bill on Thursday and will commence amendment considerations in public session beginning on June 16, the committee reported.

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