Twelve Democratic Senators, led by Finance Committee Ranking Member Sen. Ron Wyden (D-OR), are developing a health reform plan for next year. The goal, say the Senators, is to reform the rules applicable to health insurers to, among other things, rein in out-of-pocket costs, ease barriers like prior authorization, and revise the medical loss ratio standard. The Senators say these reforms are necessary to make health insurance more accessible and more affordable for Americans.
“The American people need relief from rising premiums and deductibles that are forcing families into financial ruin,” the 12 Democrats wrote in a “Dear Colleague” letter to the rest of the Senate.
Among the objectives outlined in the letter is reforming the medical loss ratio rules. That Affordable Care Act (ACA) rule requires insurers in individual and small group markets to spend 80 percent of their earnings on medical services. Critics argue that the rule has led to consolidation and rising costs.
Prospects: The 12 Democrats also plan to outline for their colleagues their thoughts on making long-term care more affordable. That outline is expected by the end of May.
NAIFA Staff Contacts: Mike Hedge – Senior Director – Government Relations, at mhedge@naifa.org; or Jayne Fitzgerald – Director – Government Relations, at jfitzgerald@naifa.org.