Nov 24, 2015
Freedom Partners Joins Call to Prevent Taxpayer Bailout of Obamacare
Post by Derek Yale
Freedom Partners Chamber of Commerce and more than two dozen other groups urged Congress today to reject calls by the Obama administration to bailout the insurance companies by removing important taxpayer protections on the Affordable Care Act’s (ACA) Risk Corridors.
“Insurance companies and their lobbyists are pressuring the Administration and Congress to release the common-sense restriction placed on the Risk Corridor program by the Sec. 227 language,” wrote the groups in a letter to House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell.
“However, taxpayers should not be on the hook for any more of Obamacare’s failures, and so we urge you to ensure that their voices prevail by continuing to include language preventing Risk Corridors from becoming a taxpayer bailout in any future appropriations bill.”
The letter comes on the heels of recent revelations that UnitedHealthcare, the nation’s largest health insurer, may pull out of the Obamacare exchanges in 2017 due to “unsustainable losses.”
The announcement sent ripples of worry through the insurance industry – prompting the Obama administration to affirm the same day that it would “explore other sources of funding for risk corridors payments.”
United’s announcement is the latest in a long line of bad news about the Affordable Care Act, including skyrocketing premiums and deductibles, and failing CO-OPs.
Click here to read the full letter.