As a former health insurance exec who quit the business, let me tell you: No one will be more excited about the new COVID package than my old friends in the corporate insurance industry. It would funnel $48 billion of taxpayer $ to them, after their most profitable year to date.
The COVID bill would temporarily pay for ACA marketplace plans & COBRA subsidies for people who lost their jobs and insurance. That would check off a major item on insurers’ wishlist because it guarantees payment to our wasteful system that’s burdened by 30% administrative costs.
A more economical approach? Open our existing Medicare program (with a 2% admin. cost) for the Americans hardest-hit by COVID-19. This would allow folks to access the care many desperately need without Uncle Sam (you) footing a bloated bill.
For years, insurers & pundits have called for Americans to “put more skin in the game” when it comes to health care spending. With health care costs already at $3.8 trillion/yr and now a fresh $48 Billion windfall courtesy of taxpayers, there isn’t more skin for folks to give.
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