Politics

Rubio Pushes Back Against ObamaCare Bailouts

Florida Sen. Marco Rubio called on congressional leaders in aletter Tuesday to repeal an Affordable Care Act (ACA) provisionallowing for the potential bailout of health insurancecompanies that have lost money under Obamacare.

The presidential hopeful suggested a policy rider removing the risk corridorsprovision 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.

“If the only way ObamaCare can continue is fortaxpayers to bail out health insurers that lose money because ofit, that’s as good an indication as any that thewhole law should be repealed and replaced,†he writes.“It is our responsibility to completely shieldthe U.S. taxpayer from a deal in the Omnibus that might reimbursehealth insurers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 landmarklegislation recently came into the spotlight asUnitedHealth Group, one of the nation’s largest insuranceproviders, threatened to pull out of the ObamaCare exchanges after sustaining sizablelosses.

During an appearance on CNBC, Ipsita Smolinski, an analyst andmanaging director at Capitol Street, said ACA has resulted ininsurance companies losing around $2.5 billion 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 payjust $362 million.

“Let’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.”

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