Baucus calls committee to order.
Rockfeller admonishes committee to protect consumers first instead of profits.
Insurance companies need to share in responsibility of reform Rockfeller asks Yvette Fontenot, a staff member of Finance Committee
Rockefeller is chairman of finance subcommittee on healthcare
Rockefeller predicts that insurance companies will raise premiums in response to new constraints on them imposed by healthcare bill. How will subsidies help in this regard?
How will subsidies help those who are already on Medicaid/Medicare?
How much will the markup bill require private companies to report on medical care v. administrative overhead?
85% of premium must be spent on medical bill according to House Bill.
Baucus reminds Rockefeller that there is no House bill yet
Baucus says "There is not a House bill at this point..."
medical care v admin. cost ratio also called medical loss ratio
Baucus and Rockefeller debate pronunciation of witness' name (Finance Committee staffperson)
Rockfeller: Inginex (United Healthgroup owned) cheats consumers out of billions of dollars.
Rockefeller: Cuomo settled with United Healthgroup for $350 million, which indicates they were going to be prosecuted for fraud
Enforcement of maximum catastrophic charge along with minimum benefit requirement for plans should be written into markup bill.
$500 Billion subsidies given to insurance companies Rockefeller laments, while they try to limit coverage and impose high costs.
Nelson of Florida agrees w/Rockefeller. Neslon was former insurance regulator.
Nelson asks Rockefeller how his amendment will effect regulation of prices.
AMA reports 94% of markets are near monopolies as result of large mergers.
What if take the word "public" out and call "consumer help" plan?
Rockefeller: The people I represent need this. They're helpless in front of the insurance companies.
Half of bill, $500 billion, goes to subsidize private insurance.
Rockefeller: If people don't like it, they can dump it. That's the market acting on it's own.
Senator Rockefeller calls insurance companies bandits
Baucus says the mark is not easy on insurance companies. Ha.
Rockefeller: Mark puts new conditions on insurance companies, and gives them half a trillion new money.
Rockefeller says Baucus wants to bet the farm on insurance companies changing, when they're based on getting around the rules
to clarify: "Mark" is shorthand for markup bill
My question for Baucus: is new business guaranteed to insurance companies not helpful to them?
finance.senate.govcollection of relevant pdfs, ie. amendments, original bill, revised ("marked") bill
Grassley recounts that Obama didn't commit to a bill with or w/o public option
Grassley thinks public option is a slow walk to single payer.
Grassley calls Rockefeller amendment a slow walk to government run health care
Grassley says that more foreigners come to US for healthcare than Americans go abroad.
What's the demographic of people coming to US, though? I would wager that's its wealthy. I agree that US has some very good hospitals and doctors, but who has access to that kind of care?
Grassley says that it's not possible to reach 100% coverage. 95%-96% is all that's possible under "any plan"
Yet, France and Britain does just that--100%, tourists included.
Grassley says that public option will lead to single-payer. Government will run market and the plan.
Grassley contends: 148 million will loss their current coverage.138 million will end up on government run plan.
Grassley talks about ERISA
www.dol.govThe Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for retirement and health benefit plans in private industry. ERISA does not require any employer to establish a plan. It only requires that those who establish plans must meet certain minimum standards.--Dept of Labor
Grassley: Providers underpaid in public plan. Providers will then raise premiums to compensate. Many doctors now don't want to see medicaid patients, medicare patients face same fate.
Grassley: Rationing, delay, denial of care=public option.
Schumer wants to ask Grassley question: What do you think of Medicare? Medicare is more government run than Rockefeller amendment
Grassley: Medicare is "social fabric" of America.
