Bipartisan Push to Make Health Insurers Pay More for Federal Programs
Congress is set to vote on a measure that could significantly impact health insurers, with Republicans arguing they should contribute more to government health programs. This comes as insurer stocks have soared since the Affordable Care Act (ACA) was enacted in 2010.
The Senate is expected to vote this week on a government funding measure that includes provisions to make health insurers contribute more to federal health care costs. This move is supported by both Republican Senator Bill Cassidy and Democratic Senator Jeff Merkley, indicating bipartisan backing.
A key focus is Medicare Advantage, where overbilling is estimated to cost taxpayers $124 billion over the next decade. A bipartisan bill, the No Upcode Act, aims to tackle this issue. Meanwhile, Medicaid spending reached $880 billion in fiscal year 2023, with 69% coming from federal funds.
Health insurers have seen significant financial gains since the ACA's implementation. UnitedHealth Group alone collected $92 billion in federal payments last year, while insurer stocks have risen by 1,032% compared to the S&P 500's 251%. Federal subsidies through the ACA's Medicaid expansion and election plans totaled $218 billion in fiscal year 2023, almost all of which went to insurers.
The upcoming vote could mark a significant shift in the health care landscape, with insurers potentially contributing more to government health programs. This move aims to address overbilling and ensure fairness in the distribution of federal health care costs.
Read also:
- American teenagers taking up farming roles previously filled by immigrants, a concept revisited from 1965's labor market shift.
- Weekly affairs in the German Federal Parliament (Bundestag)
- Landslide claims seven lives, injures six individuals while they work to restore a water channel in the northern region of Pakistan
- Escalating conflict in Sudan has prompted the United Nations to announce a critical gender crisis, highlighting the disproportionate impact of the ongoing violence on women and girls.
