This last Tuesday was another milestone in the ongoing health care reform as the Senate Finance Committee approved a version of the bill by a 14-9 vote. Surprisingly, the only Republican to cross party lines and offer her support was Sen. Olympia Snowe, R-Maine.

The legislation is estimated to cost $829 billion over the next 10 years, and strives to provide health insurance coverage to an additional 29 million Americans. To achieve such a feat the legislation intends to expand Medicaid coverage, provide tax-credits to help subsidize the cost of health insurance, and require individuals to purchase their own insurance or be faced with penalties of up to $750.

I believe that it is important to note that the Senate Finance Committee’s bill is the only proposal considered seriously that omits the option of a government-run health insurance option. This is thought to provide a better chance for a bipartisan support, and also ensure that private insurers will not be driven out of the market.

Although President Obama has applauded the efforts on Capitol Hill thus far, he also believes that there is much to be accomplished. For example, aside from the debate over a government-run public option, there are still questions on how exactly to finance the reform. For instance, some Democrats object to the tax on high-cost insurance policies, and would rather implement taxes based on one’s income. Specifically, there has been discussion to institute a tax on annual incomes for individuals who make over $500,000 and families with an income greater than $1 million.