Health and Human Services Secretary Kathleen Sebelius is in Tampa today, Monday, January 13, for an ObamaCare outreach event, and she owes Floridians an answer. Why should taxpayers have to bail out health insurance companies in the increasingly likely event that ObamaCare leaves them with financial losses?
The answer should be simple. Whatever larger differences we have about ObamaCare, we should completely eliminate any chance of a taxpayer-funded bailout for health insurers.
Unfortunately, this possibility exists and is growing more likely by the day.
Washington’s authority for this bailout was buried deep inside ObamaCare, in the law’s section 1342. This provision authorized what are known as risk corridors that limit the amount of profit insurers could extract from the program and, most significantly, limit their losses.
This means that if not enough people sign up for ObamaCare, insurers will lose money and taxpayers will make up the difference. If not enough young and healthy people sign up, as is currently the case, taxpayers will have to pay even more
This is government favoritism and corporate cronyism at its worst, and it’s taxpayers that will pay the price unless we stop it.Read the rest of the op-ed HERE.
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