Among all of the proposals laid out by Sens. John McCain (R., Ariz.) and Barack Obama (D., Ill.), health care is the one that will have the biggest direct impact on consumers' finances. Without reform, one of every five dollars we spend will go to health care by the year 2010, according to a January report in the medical journal Baylor University Medical Center Proceedings.

In fact, health-care reform has become one of the most contentious issues during the final week of campaigning. In his 30-minute infomercial that aired Wednesday night, Obama spoke about his mother's struggle with ovarian cancer as well as the health-care system. McCain, too, focused on health care as he made last-minute stump speeches in crucial voting states.

While both McCain and Obama say they agree that radical change is needed to make health care more affordable (roughly 47 million Americans don't have health coverage), their proposals to fix the system contain striking differences. McCain calls for deregulation of the health insurance industry, while Obama proposes an almost universal health care system that s, in part, supported by the government. According to the nonpartisan Tax Policy Center (TPC), McCain s health-care plan would cost $1.3 trillion between 2009 and 2018 while Obama s plan would ring up a total bill of $1.6 trillion during that time.

Here's a breakdown of each candidate's proposal and what their health-care policies means for your bottom line:

To hear the candidates explain their plans in their own words, watch our video

John McCain

McCain says his health-care plan is aimed at empowering Americans to buy and take control of their own insurance, rather than relying on their employers to buy it for them. As part of the Arizona senator's plan, everyone -- regardless of whether they have health insurance or not -- will receive a tax credit. Individuals will receive $2,500 and families $5,000. (No word yet on whether the $5,000 is applicable to families with one child and families with, say, four children.) Recipients can choose to get health insurance through their employer or in the open market. The credit would go directly to health insurers and participants can deposit any amount in excess of the premium into a personal health savings account, according to TPC. The one hitch: Any contributions made by an employer toward health insurance will be treated as additional income for the employee that will be taxed.

McCain's camp claims that the tax credit should more than offset that tax hit. Citing a study from the health-care policy research firm Lewin Group, McCain's web site says the plan will result in a savings of more than $1,400 per family. A family that's in the 25% tax bracket would get hit with a $3,000 income tax liability, and once the $5,000 tax credit kicked in, they'd be left with a total tax savings of $2,000. According to TPC, McCain's proposals will result in a net tax benefit of more than $1,200 per average tax payer.

Dean Baker, a co-director at the Center for Economic and Policy Research in Washington, D.C., isn't so certain about that benefit though. He believes the credit should adequately cover the young and the healthy since they are most likely to be approved by insurers at a lower cost. But $5,000 for families won't stretch far enough, he says. (According to Roberton Williams, a principal research associate at TPC, the average family plan costs about $12,000.) "You could insure more people under this plan but the people you've insured don t need to be insured," says Baker.

Another key facet of McCain's plan is to create an open market for health insurance that goes across state lines. The idea: to encourage competition among insurers and help individuals find the most affordable coverage. To critics, this approach carries the risk that those with preexisting conditions will be rejected by insurers that would rather opt for younger, healthier policyholders.

McCain says he has a plan for those who are denied coverage too, though. He proposes a Guaranteed Access Plan (GAP) that will expand the federal government's support of state high-risk pools.

Barack Obama

Under Obama's health-care proposals, private insurance will still exist, and a public system, subsidized by the government, would emerge.

Under the plan, those who have health insurance can keep their existing coverage and those who want a new health-insurance plan or those who are uninsured will be able to purchase a health-care plan through a National Health Insurance Exchange. Those who can't afford to purchase the coverage will be given a tax credit. (TPC expects that families with income above 400% of poverty will not receive a subsidy.) The National Health Insurance Exchange will offer a range of private insurance policies as well as a new public health plan that offers benefits similar to what members of Congress get, including preventive, maternity and mental health care.

Of course, offering public coverage and tax credits will cost money. Obama plans to fund his plan in two ways. First, he says he won't renew the Bush tax cuts for people who make more than $250,000 a year. Also, companies (excluding small businesses) that don't contribute to the cost of their employees' health coverage will be required to allocate a percentage of their payroll toward this national health plan. Obama says he will offer a refundable tax credit to small businesses that cover up to 50% of the health-insurance premiums that they pay for their employees.

Parents would also be required to obtain health insurance for their children. TPC projects that 95% of uninsured children will gain coverage from this plan. While Obama s plan would increase coverage, it would still leave about 6% of the elderly population uninsured, according to the Urban Institute Health Policy Center. In addition, Obama s plan can increase costs to some businesses, which could ultimately lead to lower wages or layoffs within some although few companies, says Baker.

In addition, Obama says he plans to increase government regulation of the insurance industry and prohibit insurance companies from rejecting applicants because of their health status and discriminating against them with higher premiums.