Florida Sen. Marco Rubio called on congressional leaders in aletter Tuesday to repeal an Affordable Care Act (ACA) provisionallowing for the potential bailout ofÂ health insurancecompanies that have lost money under Obamacare.
The presidential hopeful suggested a policy rider removing the risk corridorsprovisionÂ be added to the omnibus appropriationsbill — a crucial piece of legislation that could lead to agovernment shutdown if it isn’t passed by its Dec. 11deadline.
â€œIf the only way ObamaCare can continue is fortaxpayers to bail out health insurers that lose money because ofit, thatâ€™s as good an indication as any that thewhole law should be repealed and replaced,â€ he writes.â€œIt is our responsibility to completely shieldthe U.S. taxpayer from a deal in the Omnibus that might reimbursehealth insurers retroactively for these losses or any other futurelosses.
Insurers losing money under the president’s landmarklegislationÂ recently came into the spotlight asUnitedHealth Group, one of the nation’s largest insuranceproviders,Â threatened to pull out of the ObamaCareÂ exchanges after sustaining sizablelosses.
During an appearance on CNBC, Ipsita Smolinski, an analyst andmanaging director at Capitol Street, said ACA has resulted ininsurance companies losingÂ around $2.5 billionÂ since 2014.
While insurers asked the ObamaCare risk corridor program for$2.87 billion, the Department of Health and Human Services announced last month it will payjustÂ $362 million.
“Letâ€™s be clear: the reason thesehealth insurance companies are enduring a financial loss is thatObamaCare is a disastrous law,” Rubio says. “It brokethe promise to lower health insurance premiums and allow Americansto keep their health care. Now the very architects of this law areattempting to place taxpayers on the hook.”