Insurance Giants Lobby to Preserve Billions in Subsidies Despite Patient Concerns
Both major political parties in the US agree that Americans could be wealthier and healthier without the current health insurance system. Insurance giants like UnitedHealthcare, Blue Cross Blue Shield, and Humana are leading a lobbying effort to maintain and increase subsidies, despite most reimbursement money not benefiting patients.
The insurance industry, driven by companies such as UnitedHealth, Humana, and CVS Health, is lobbying to preserve and boost hundreds of billions in taxpayer-funded Obamacare and Medicare Advantage subsidies. These efforts are particularly focused in regions with aging populations, like Florida and California, which have large numbers of Medicare Advantage enrollees.
Stephen Moore, a former Trump senior economic adviser, warns that this over-insurance is leading to hundreds of billions of extraneous profits being added to the healthcare system. The current lobbying push, worth $30 billion to $50 billion, is seen as a money grab by the insurance industry. Since Obamacare was enacted in 2010, the insurance industry has been the biggest financial winner, with its stock rising roughly four times faster than average stock indexes. Opponents of Obamacare had warned that it could lead to a single-payer, government-run system, potentially eliminating private car insurance.
The insurance industry's lobbying efforts aim to maintain and increase subsidies, despite most reimbursement money not benefiting patients. This push, worth billions, is seen as a financial grab by the industry, which has significantly benefited since Obamacare's enactment. Critics warn that this could lead to a government-run healthcare system.
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