OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

"Giveaway" to Insurance Companies

Date: Jan. 24, 2006
Location: Washington, DC
Issues: Senior Citizens Entitlements and the Safety Net Health Insurance


"Giveaway" to Insurance Companies

Sen. Chuck Grassley, chairman of the Committee on Finance, today made the following comment in response to an announcement by two Democratic members - a senator and a House member - that they will try to rescind a "giveaway" to insurance companies in the budget reconciliation spending bill if the bill moves forward.

"I appreciate the interest in fixing a ‘giveaway' to insurance companies. The conference report cuts Medicare payments to insurance companies by $6.5 billion over five years. Even more important, it rescinds the policy leading to those extra Medicare payments. The change is supposed to make sure that a part of the payment formula to plans, called risk adjustment, is fully
implemented. It's a change that makes sense. Beyond that, I'm happy to work with my colleagues on legislation to cut other overpayments made by Medicare and Medicaid."

http://finance.senate.gov/press/Gpress/2005/prg012406a.pdf

arrow_upward