President Obama has laid out his plan on health care ahead of Thursday's bipartisan summit.

The proposal, posted to the White House Web site   Monday morning, closely follows the Senate version of the bill (HR 3590) with some changes to appease House Democrats.

It is designed to serve as a compromise between the House and Senate versions of the bill.

Here are some highlights:

Cadillac tax change. Under the Obama plan, the tax on expensive health insurance plans won't kick in until 2018 and would affect fewer people.

Payroll tax expansion. To make up for the lost revenue from the Cadillac tax, the President has proposed increasing the payroll tax employers pay for Medicare.

Higher cost. The plan would cost $950 billion over 10 years, slightly more than the $900 billion limit President Obama had proposed. White House officials said it would reduce the federal budget deficit by $100 billion over that time.

Expanded coverage. The officials added that 31 million more Americans will be insured under the plan, which expands federal subsidies for low-income Americans.

State subsidies. The plan offers full federal support for four years to expand Medicaid in all 50 states, not just Nebraska as proposed in the Senate plan.

Denials and mandate. Insurance companies would no longer be able to deny coverage based on pre-existing conditions. To balance the cost of this, the President's plan penalizes people without insurance to encourage them to buy a plan.

Premium hike controls. Federal regulators would have more power to stop insurance companies from increasing health insurance premiums, traditionally the realm of state governments.

-- Ambreen Ali, Congress.org