When the Affordable Care Act (“Obamacare”) was taking shape, the Obama administration cut a deal behind closed doors to create two programs that would send millions of tax dollars to big insurance companies in exchange for their support.
These two programs, Reinsurance and Risk Corridors, were created to protect insurance companies from losses as they expanded their participation in the new and unpredictable Obamacare marketplace. They were intended to be temporary – and sunset in 2016.
But now that the law is failing and insurance companies are realizing the market is unsustainable, insurers are demanding a bailout, forcing taxpayers to throw more good money after bad.
Obamacare supporters were wrong to put insurance companies ahead of taxpayers when they created this mess – and Americans can’t afford to let them do it again.
Forcing taxpayers to bail out health insurance companies will only hurt consumers and worsen the country’s health care challenges.
It’s time to focus on real solutions that lower costs by giving consumers more choice and control of their health care decisions.
It’s time to put taxpayers before insurance companies – and bust the Obamacare bailouts.