On Thursday, May 2nd, HCAN's Executive Director, Ethan Rome testified before the House Energy and Commerce Subcommittee on Health. The hearing was entitled “PPACA’s Effects on Maintaining Health Coverage and Jobs: A Review of the Health Care Law’s Regulatory Burden.”
Excerpt from Ethan Rome's testimony:
While much of the country is still struggling in this tough economy, health insurance companies have posted record profits with premiums that are crushing America’s families, seniors and businesses. That’s why the provisions of the law that hold the health insurance companies accountable, end their worst abuses and curb unreasonable rate hikes are a critical part of the ACA.
Thanks to the law, we now have a minimum percentage of our premiums that insurers must spend on actual medical care instead of wasteful overhead, excessive profits, and bloated executive compensation.
This rule, known as the medical-loss ratio, combats the long-term downward trend in insurers’ spending on medical care as a percentage of premiums…
When we hear opponents of the ACA talk about repeal, what they’re really talking about is protecting excessive insurance company profits and giving our health care back to the insurance companies.
Read Ethan Rome's full testimony (including supporting documents) as submitted to the House Energy and Commerce Committee here.