From Politico: President Barack Obama had some bad news for the insurance company CEOs who met him at the White House: His “fix” might cost them.
Obama asked the CEOs to reinstate millions of Americans’ health insurance plans that were canceled because they fell short of coverage requirements under the law, according to two executives who attended the session Friday.
The 2010 health law had several tools aimed at helping insurers through some of the fiscal bumps in the new markets. To address the industry concerns about additional costs if they revive the canceled plans, administration officials said last week they would tweak one of those tools — called “risk corridors” — to give them more help. But Obama made clear that the financial support has a limit, according to the two health executives and several other industry sources who were briefed on the meeting.
Republicans had warned of a costly bailout.
Sen. Marco Rubio (R-Fla.) said last week he plans to introduce legislation to stop the government from making payments to plans with higher than expected costs. “Our legislation will … protect … taxpayers from potentially having to bail out the insurance industry,” a spokesman said.
Read more: http://www.politico.com/story/2013/11/health-care-insurers-meeting-barack-obama-100028.html#ixzz2lAEIHGv0
And here I thought that ObamaCare would not add to our deficit and would be close to cost neutral.
Nope, guess again.
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