Posted on 11/20/2013 3:06:45 PM PST by tobyhill
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 out insurance companies in order to make ObamaCare work, that's not something a lot of people are aware of," Rubio told Fox News. "And I haven't taken a poll on it, but I guarantee you it would be hugely unpopular."
The provision has been in the law since passage, but Rubio and other senators raised concern about it after President Obama announced last week that he would allow insurance companies to continue to offer out-of-compliance plans. The announcement was made in response to the millions of people receiving cancellation notices -- but industry representatives raised concern that if they offer the old plans again, premium revenue could go down.
(Excerpt) Read more at foxnews.com ...
Lets see how much this information gets out to the American people. Bet even Fox carries very little. This is why America is slipping into communism.
Well, it’s a good move, but with the ridiculous BS requirements for coverage that the dumbass Democrats put in there, NO insurance company can comply. Cover everyone’s healthcare with only a fraction paying for it? Do the math Dems. Oh, that’s right math isn’t your strong point, Barry’s either.
Where’s that picture of a guy trying to look over a wall standing on a pile of ladders? Any smart Democrat would know he just needs more ladders. /s FUBO!
Republicans need to name Democrats as the party of big business, crony capitalism, and insider deals where our tax dollars are given to political donors. We also need to stand on principle and resist all bailouts for failed businesses.
Just because Obama claims "prosecutorial discretion" not to enforce it, Obamacare is still the law and would apply in civil court.
But some of the Blue Cross/Blue Shields have said they're going to reissue old policies.
Reid will have a vote on that first thing in the morning.
[/s]
If the likes of Blue Cross go broke as a result, what will be the alternative to single payer?
Walt Erickson (1 hour ago)
I’m usually a pretty optimistic guy, and I’ve cheered with everyone else on this site at the apparent imminent collapse of Obamacare . But the revelation that risk corridors have been written into the Affordable Care Act changes the picture.
Obama is at this very moment talking to the insurance companies in the oval office, and there can be only one ending. The insurance companies will have their profits guaranteed by the taxpayers, with the result that the federal government will be de facto owners of the insurance companies. Obamacare is not dead, and when the insurance companies come on board Obama will have what he has always wanted, and what Obamacare was designed to give him – a single payer system, and the federal government in complete control of the health care system and complete control of the health care of every citizen.
My optimism extends only to 2014. If the GOP wins control of the Senate, then there is still a chance. If not, then it doesn’t matter what happens in 2016, it’s a done deal, the goose is cooked, and socialized medicine is with us for generations, if not forever.
Everything after Walt Erickson (1 hour ago) should have been in quotation marks. My apologies.
And I post this because the Republican Senators’ bill won’t have a chance in passing.
I hope they aren’t successful, honestly
If there is no bailout of the InsCos when the death spiral kicks in, they might be hit so hard that they literally have to fold - good luck putting healthcare back together at that point.
I hate, hate, hate the idea of bailing them out but 1) we can’t have them going away, if they did we will ensure Single Payer 2) I would love, love, love the Dems to have to explain WHY we are bailing them out for 3 years (meaning the three years leading up to 2016)
Ideally Reid will refuse to bring it up and Repubs get all the positives of this stance without the fail success would bring
Conservatives remember the part the insurance industry played in Obamacare.
If we’re going to get single payer health care, we might as well have public oversight of the disbursement of health care funds.
And if insurance companies don’t like it, tough luck.
Nothing.
I suspect we’ll end up with a version of Canada Medicare, in which medical care is delivered privately but the costs are paid for through higher taxes in lieu of premiums.
The insurance industry was too clever by half and its now screwed.
See tag line.
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,"What?!? Trying to strip out part of SETTLED LAW?!? Are you CRAZY?!? ;') The one thing this is good for is to have the voters watch it crash and burn as the Demwits vote it down. But this one is a stupid maneuver and it will backfire, bigtime. Thanks tobyhill.
quality of analysis is very high,
not unusual for this site.
My only claim is no matter how bad you think this is, it is worse.
Toooooo Late , Bailout is a built in Cha Ching for Obamacare
I wholeheartedly agree.
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