Remember, once the govt. starts bailing out the insurance companies then we have a de-facto single payer plan which the insurance companies become nothing more than administrators of and premiums are nothing more than taxes to pay for it.
That’s the way I see it as well. The Insurance companies are basically utilities handling the transaction between the government and the insured person, but they are not necessary to the process. They basically were left in so that it wouldn’t look like single payer, but their capital and profits are irrelevant to the operation of the system.