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  • Senators push bill to prevent insurance industry 'bailout' over ObamaCare

    11/20/2013 3:06:45 PM PST · by tobyhill · 17 replies
    fox news ^ | 11/20/2013 | fox news
    Warning that the latest ObamaCare "fix" could compel the federal government to bail out insurance companies, Republican senators have introduced a bill to prevent taxpayer funds from being used to prop up the industry. Sen. Marco Rubio, R-Fla., along with a half-dozen other Republican senators, introduced the "ObamaCare Taxpayer Bailout Prevention Act" on Tuesday. It would strip a provision in the Affordable Care Act pertaining to so-called "risk corridors," which could allow the government to pay insurance companies to offset financial losses. Rubio calls it a "blank check" for the industry. "The idea that the federal government should be bailing...
  • President Obama to insurers: No bailout (But the article specifically states there is a bailout)

    11/19/2013 4:40:07 AM PST · by tobyhill · 19 replies
    politico ^ | 11/19/2013 | By KYLE CHENEY and JENNIFER HABERKORN
    President Barack Obama had some bad news for the insurance company CEOs who met him at the White House: His “fix” might cost them. Obama asked the CEOs to reinstate millions of Americans’ health insurance plans that were cancelled because they fell short of coverage requirements under the law, according to two executives who attended the session Friday. The president offered the execs some sweeteners, but admitted they won’t necessarily add up to enough to cover the full brunt of added costs that the changes to the insurance market could create. The president’s proposed “fix” to the wave of plan...
  • Breaking: DEMOCRATS to REIMBURSE Insurance Companies Up to 80% on O-Care Losses (Video)

    11/18/2013 3:26:41 PM PST · by servo1969 · 110 replies
    The Gateway Pundit ^ | 11-18-2013 | Jim Hoft
    This must have been one of those backroom deals we heard so much about… Stuffed inside the Obamacare law passed by Democrats (with no Republican votes) is a provision that will reimburse insurance companies up to 80% of their losses due to Obamacare. Melissa Francis reported on FOX News: “Marco Rubio has been out highlighting the fact that there is this ‘risk corridor’ where written into this law that nobody read is this idea that is insurance companies have 3% higher costs than they estimated as a result of who’s in these pools, they can recoup 50% of that money...
  • Insurers might get bigger payments (Risk Corridor Bailout)

    11/15/2013 2:05:07 PM PST · by jimbo123 · 9 replies
    The Hill ^ | 11/15/13 | Elise Viebeck
    Health insurance companies could see higher government payments because of President Obama's administrative move to address the criticism over canceled health plans. White House spokesman Jay Carney suggested Friday that federal health officials would raise payments to insurance companies should the policy shift bring on unexpected costs. "If the costs are higher, then [the Department of Health and Human Services] can mitigate those costs with insurers," Carney said at a briefing.
  • CMS letter to state regulators on ObamaCare “fix” hints at “risk corridor” bailout for insurers

    11/15/2013 1:55:18 PM PST · by jimbo123 · 4 replies
    Hotair ^ | 11/15/13 | ALLAHPUNDIT
    Excellent catch by Chris Jacobs at Heritage. If you read the post about Rubio’s anti-bailout bill, you already know what “risk corridor” means. -snip- So are insurance company executives, of course; they’re meeting with Obama today to express their “concern.” So here’s a pot-sweetener for them from CMS in the nick of time: If they decide to un-cancel some plans and end up taking a beating financially from the adverse selection that results, Uncle Sam will be there to make everything right. I must have read three dozen blog posts yesterday wondering how O would be able to keep insurers...
  • Barack Obama says he's 'brainstorming' with insurers

    11/15/2013 1:44:41 PM PST · by jimbo123 · 55 replies
    Politico ^ | 11/15/13 | REID J. EPSTEIN
    President Barack Obama said he and health care executives will be “brainstorming” ways to fix his troubled health care law at a Roosevelt Room meeting Friday afternoon. -snip- The meeting comes a day after Obama announced health care plans that don’t meet Affordable Care Act standards could still be sold to existing individual market customers. Obama said he and other White House officials would be asking the executives for their input on how best to implement the law.
  • Rubio bill would repeal Obamacare’s insurer bailout

    11/15/2013 11:24:01 AM PST · by The Old Hoosier · 11 replies
    Conservative Intel ^ | 11/15/13 | David Freddoso
    The basic idea that for the first three years of Obamacare, the Treasury has committed to protecting against an industry-wide death spiral — and that could well occur if insurance customers continue to avoid the Obamacare exchanges...This is well worth a vote, because it will highlight the bailout provision, which most Americans aren’t aware of at all...
  • Rubio presses to repeal Obamacare provision allowing insurance industry 'bailout'

    11/15/2013 11:23:05 AM PST · by jimbo123 · 4 replies
    Wash Examiner ^ | 11/15/13 | DAVID M. DRUCKER
    Obamacare includes a provision that allows the federal government to funnel taxpayer dollars to insurers that face the prospect of losing too much money under the new health care law, and conservative critics want to repeal it. Sen. Marco Rubio, R-Fla., said the provision could amount to a bailout of the insurance industry, which stands to lose if the troubled Obamacare exchanges fail to enroll enough people to make the system financially viable. -snip- Rubio's office was circulating the bill, first reported by Politico, to other senators on Friday. “I expect we'll introduce [it] as soon as possible next week,”...
  • Rubio to introduce bill that would repeal “risk corridor” a.k.a. bailout provisions of ObamaCare

    11/15/2013 11:18:24 AM PST · by jimbo123 · 17 replies
    Hotair ^ | 11/15/13 | ALLAHPUNDIT
    Goooood politics. I’m 90 percent sure it won’t pass, but last week I would have told you I was 100 percent sure. At the rate O and his boondoggle are melting down on the Hill, there’s no down side to trying to force Democrats to vote on all sorts of bills that would chip away at parts of O-Care. Worst-case scenario: They fail but with some Democratic support, which means a rolling PR disaster for the White House and a very small margin of error going forward lest the Democratic turncoats in Congress start thinking maybe it’d be better to...
  • What do insurance companies think about health care 'fix'? [Video]

    11/15/2013 10:24:48 AM PST · by Maceman · 13 replies
    In this morning's interview Former Cigna exec seems to be cautiously optimistic about Obama's "fix" and the future of Obamacare.
  • State insurers head: Obama fix could sink health law

    11/15/2013 8:03:25 AM PST · by Cincinatus' Wife · 21 replies
    The Hill ^ | November 15, 2013 | Jonathan Easley
    President Obama’s decision to let insurers offer limited plans that do not meet ObamaCare’s requirements could sink the entire healthcare law, the head of the group representing state insurance commissioners said Friday. “It threatens the solvency of the system and it threatens to spike the cost to policyholders across the board,” said Jim Donelon, president of the National Association of Insurance Commissioners (NAIC). Donelon argued on CNN that the White House proposal is not logistically feasible and would be an administrative nightmare. He said premium prices have been set based on assumptions about what plans would be available. “The problem...
  • POLITICO Playbook (Rubio seeks to repeal "Risk Corridor" bailout provision from ACA)

    11/15/2013 6:51:46 AM PST · by jimbo123 · 13 replies
    Politico ^ | 11/15/13 | Mike Allen
    EXCLUSIVE: Sen. Marco Rubio plans to introduce legislation next week to repeal the Affordable Care Act’s “risk corridor” provision, which would give government payments to health plans with higher than expected costs. A Rubio aide: “The President's announcement … increases the likelihood of a federal bailout of insurance companies … Rubio will introduce legislation … that will ensure the Obama Administration doesn't have unaccountable blank check-writing authority … [T]he current law gives the HHS Secretary broad authority in this area with no Congressional approval/oversight. Our legislation will … protect … taxpayers from potentially having to bail out the insurance industry.”
  • Obama health law fix may cost government money (Taxpayer bailout via Risk Corridor slush fund)

    11/15/2013 6:37:01 AM PST · by jimbo123 · 10 replies
    SF Chronicle ^ | 11/14/13 | Kathleen Pender
    President Obama's decision to let people keep their existing health insurance policies through 2014, if their health insurance company continues to offer them, could end up costing the federal government money under the so-called risk corridor provision of the Affordable Care Act. -snip- It is too late to change the premiums that have been approved for 2014 to account for changes in the risk pool, says Cori Uccello, senior health fellow with the American Academy of Actuaries. However, under the risk corridor provision, "if insurers' losses exceed a certain percentage, the government will pay part of that loss." -snip- In...
  • Obama to meet with insurers Friday on Obamacare fix (Obama begs insurance companies to bail him out)

    11/15/2013 6:08:39 AM PST · by tobyhill · 93 replies
    reuters ^ | 11/15/2013 | staff
    President Barack Obama will meet on Friday with insurance industry executives to discuss changes that he has proposed to his signature healthcare law to address the outcry over insurance policy cancellations, a White House official said. The meeting comes a day after the president, under fire for the botched rollout of his top domestic policy achievement, announced he would allow individuals to keep insurance policies that were being canceled under the 2010 Affordable Care Act, widely known as Obamacare. The health law has stumbled in its early phases, first because the website designed to sign up consumers malfunctioned, and then...
  • Is the Administration Offering Insurers an Obamacare Bailout? (New guidance for Risk Corridor!)

    11/14/2013 3:02:23 PM PST · by jimbo123 · 22 replies
    The Foundry ^ | 11/14/13 | Chris Jacobs
    The Centers for Medicare and Medicaid Services (CMS) today released guidance to state insurance commissioners implementing President Obama’s “fix” for people losing their insurance. Not only does it violate the explicit text of Obamacare itself, but it also raises the possibility of insurers getting access to a new pool of bailout funds. As previously reported, the Administration’s latest plan waives many of the costly mandates included in Obamacare that are scheduled to take effect on January 1, 2014. The guidance says that these requirements will be waived—in clear violation of the text of the law—for one year for all plans...
  • AHIP Statement on Consumers Keeping Their Current Coverage

    11/14/2013 2:37:13 PM PST · by Rusty0604 · 2 replies
    AHIP ^ | 11/14/2013 | Robert Zirkelbach
    Washington, DC – America’s Health Insurance Plans’ (AHIP) President and CEO Karen Ignagni released the following statement on today’s announcement by the administration related to policy cancellations: “Making sure consumers have secure, affordable coverage is health plans' top priority. The only reason consumers are getting notices about their current coverage changing is because the ACA requires all policies to cover a broad range of benefits that go beyond what many people choose to purchase today. “Changing the rules after health plans have already met the requirements of the law could destabilize the market and result in higher premiums for consumers....
  • Insurers are furious about the White House’s new Obamacare plan (Asking for bailout!)

    11/14/2013 2:36:20 PM PST · by jimbo123 · 73 replies
    Wash Post ^ | 11/14/13 | Sarah Kliff
    Health insurance plans are not pulling any punches when it comes to their frustration with today's White House announcement. This is a statement that Karen Ignagni, president of America's Health Insurance Plans, just put out: “Making sure consumers have secure, affordable coverage is health plans' top priority. The only reason consumers are getting notices about their current coverage changing is because the ACA requires all policies to cover a broad range of benefits that go beyond what many people choose to purchase today. “Changing the rules after health plans have already met the requirements of the law could destabilize the...
  • Obama will offer health insurance cancellation fix today: Democratic anger building

    11/14/2013 7:14:33 AM PST · by Cincinatus' Wife · 75 replies
    Chicago Sun Times ^ | November 14, 2013 | Lynn Sweet
    WASHINGTON–President Barack Obama will offer a fix for people facing health insurance policy cancellations as a result of his Obamacare health care law today at 11:35 a.m. ET. Earlier Thursday, House Democratic Leader Nancy Pelosi D-Calif., Obama will take action for people whose health insurance policies were cancelled as a result of his Obamacare health care law while House Democrats are also working on a plan. “The president will offer a proposal today is my understanding and we have our own proposal which we think is really good. But we’ll see. And it has to be done in the next...
  • How the Authors of Obamacare Protected Insurance Companies (Bailout details)

    11/13/2013 10:57:00 AM PST · by jimbo123 · 17 replies
    National Journal ^ | 11/10/13 | Sam Baker
    The troubled launch of Health Care.gov has raised plenty of questions about whether young, healthy people will enroll in coverage—and, if they don't, whether insurance companies will have to raise their premiums or give up on Obama- care's new insurance markets altogether. But the law's authors built in a safety net to help guard against that worst-case scenario. In essence, it's an insurance policy for insurance companies. The backstop is an approach known as the "three R's." And health care experts say that, taken together, the three prongs will help insurers not only grapple with the transition to the new...
  • CNN source: If White House has no solution by Friday, Dems may vote for “Keep Your Plan Act”

    11/12/2013 7:01:51 PM PST · by SeekAndFind · 151 replies
    Hotair ^ | 11/12/2013 | AllahPundit
    Amazing stuff via Mediaite. The “Keep Your Plan Act” is Fred Upton’s bill, which Jay Carney spent a few minutes attacking at today’s press briefing because it would make canceled plans available to all consumers, not just the ones who’d been enrolled in those plans before. That would be a disaster for the insurance industry. Healthy people would flee the new, more expensive plans for the resurrected cheaper ones, leaving no one in the new risk pool except sick people with very expensive treatments. That means either heavy losses for insurers, steep premium hikes next year to make up the...
  • Is it too late now for “Keep Your Plan?”

    11/12/2013 7:03:30 PM PST · by SeekAndFind · 20 replies
    Hotair ^ | 11/12/2013 | Mary Katherine Ham
    Either version of the law (Upton’s or Landrieu’s) likely creates an adverse selection problem that will further hurt the insurance industry, which let’s recall, was in bed with the administration on Obamacare because of all the new customers that would be required to buy its product. Obamacare has, with an impressive combination of incompetence and irony, seemingly been optimized to create a death spiral. But is it logistically possible for people to keep their plans? For insurance companies to reinstate them? John McCormack at the Weekly Standard: With millions of Americans losing their health insurance because of Obamacare, bills have...
  • What happens to Insurance Company Revenues now that ObamaCare® has failed?

    11/12/2013 5:19:08 PM PST · by Vendome · 46 replies
    Vanity | 11/12/13 | Vendome
    So I am sitting here contemplating some business decisions and doing my forecasting for 2014. Suddenly it occurs to me the insurance companies must have done the same thing and expected a certain amount of customers and revenue relative to each spend. Bit...here it comes....this forecasts are crap since ObamaCare® website doesn't make it easy to acquire a customer and in fact, it impedes utilization. How are the presidents of these companies going to explain their churn and a funnel that operates more like a sieve ?
  • White House pledges another ObamaCare fix, as Clinton critiques rollout

    11/12/2013 1:26:35 PM PST · by tobyhill · 53 replies
    fox news ^ | 11/12/2013 | fox news
    A blunt critique from Bill Clinton on President Obama's handling of the rocky ObamaCare rollout is prompting the White House to pledge another set of health law fixes -- though in doing so, it could inadvertently build the case for those calling for a delay in the law's implementation. Aside from scrambling to fix the broken HealthCare.gov website, the administration is now trying to deal with the millions of Americans who have received cancellation notices. On Tuesday, White House Press Secretary Jay Carney said the president's team is trying to figure out a way to offer relief to some of...
  • Low Obamacare Enrollment More Proof of a ‘Disaster’ (When ObamaCare Meets 'berg, Epic Fail haPPens)

    11/12/2013 9:10:56 AM PST · by NormsRevenge · 41 replies
    Yahoo! News ^ | Eric Pianin, Brianna Ehley - The Fiscal Times
    Before Healthcare.gov’s troubled launch on Oct. 1, the White House estimated nearly 500,000 people would enroll in the Obamacare health exchanges within the first month and an estimated 7 million were expected to gain private coverage by the end of March, when the open-enrollment period is scheduled to end. Now – even before the administration can deliver on its promise to release an official head count of how many people have enrolled for insurance coverage in the first full month of operations – insurance industry analysts on Monday released figures showing the government has signed up a mere fraction of...
  • Viable fix for individual market may be non-starter (Let the bailout talks begin...)

    11/12/2013 7:52:30 AM PST · by jimbo123 · 9 replies
    Politico ^ | 11/12/13 | JENNIFER HABERKORN and BRETT NORMAN
    It’s not so easy to repair the White House’s broken promise that millions of consumers would be able to keep their insurance coverage under Obamacare, according to several health and insurance industry experts. President Barack Obama apologized Thursday to the Americans who are losing their coverage despite his pledge and has ordered aides to look into options to try to fix the problem. But there are no obvious solutions that would restore their plans without significantly disrupting the insurance market. -snip- The White House is “just reacting to one broken promise by imposing a much larger and harmful one: our...