Labor and pensions will come to order this morning. We are holding our third of for hearings on stabilizing the cost of premiums and ensuring americans are able to purchase insurance in the individual Insurance Market in 2018. This is the market were 6 of insured americans, that is 80 Million People by their insurance. Those who dont get insurance through medicaid while on the job. For the past fee years, the cost of premiums in the individual market copays deductibles up and skyrocketing in many states. Half of these 18 million americans have government subsidies to cushion the blow of the rising prices. Many of those who find themselves in the other half are being priced out of the Insurance Market that they simply cannot afford. That is why these hearings have a narrow objective. Congress and the president do between now and the limit the month to help premium increases in 2018 and lower premiums after that. We heard in our hearings last week that there was also a danger that if we
Labor and pensions will come to order this morning. We are holding our third of for hearings on stabilizing the cost of premiums and ensuring americans are able to purchase insurance in the individual Insurance Market in 2018. This is the market were 6 of insured americans, that is 80 Million People by their insurance. Those who dont get insurance through medicaid while on the job. For the past fee years, the cost of premiums in the individual market copays deductibles up and skyrocketing in many states. Half of these 18 million americans have government subsidies to cushion the blow of the rising prices. Many of those who find themselves in the other half are being priced out of the Insurance Market that they simply cannot afford. That is why these hearings have a narrow objective. Congress and the president do between now and the limit the month to help premium increases in 2018 and lower premiums after that. We heard in our hearings last week that there was also a danger that if we
And im sorry but what you mean is when people are buying insurance if the Health Benefits are changed and insurance policies are allowed to not cover certain things is it going to become more complicated to buy insurance. Thats right, senator. I dont think others is the way to im happy to respond, senator. There is a bit of ambiguity, in my view. There is a concept thats often used referred to actuary equivalency rather than to try to look at a list of benefits and say they have to be provided at the same level you can create some flexibility. If this were a car we would say its a 25,000 car. You need a motor but some believe its also essential to have a backup camera. You could have a 200 horsepower motor or you could have a 300 horsepower motor all for 25,000. You choose the list of options and how you will weigh them. Its my view that the state flexibility would be profoundly enhanced if rather than just speak of comprehensiveness, if it could be equivalent comprehensiveness if they
Stabilize the Health Insurance market. This is two hours and 20 minutes. Senate committee on health, labor and pensions will come to order this morning. We are holding our third of for hearings on stabilizing the cost of premiums and ensuring americans are able to purchase insurance in the individual Insurance Market in 2018. This is the market were 6 of insured americans, that is 80 Million People by their insurance. Those who dont get insurance through medicaid while on the job. For the past fee years, the cost of premiums in the individual market copays deductibles up and skyrocketing in many states. Half of these 18 million americans have government subsidies to cushion the blow of the rising prices. Many of those who find themselves in the other half are being priced out of the Insurance Market that they simply cannot afford. That is why these hearings have a narrow objective. Congress and the president do between now and the limit the month to help premium increases in 2018 and l
This is two hours and 40 minutes. [inaudible conversations] [inaudible conversations] [inaudible conversations] the meeting will come to order. Senator whitehouse is next followed by senator young. Senator whitehouse. Thank you, chairman. Lets me ask first to put into the record a letter from our governor in rhode island, which says in rhode island im quoting here we have actually seen exchange premiums decrease in two out of the last three years. Ended that this has saved consumers nearly 220 million since 2012. So, the story on the Affordable Care act in rhode island is a good one. I would also like to put this little graphic into the record, which to explain briefly, the red line along the top is the cbo estimate of where our healthcare costs were going to go back when they were making the estimate in 2010. Then, at this time 2016, after the aca was in place they took a look at the Actual Experience up to that point ended a new new projection Going Forward based on the Affordable Ca