The Great Obamacare Heist
House Energy & Commerce Committee: Billions of dollars destined for the U.S. Treasury, but the taxpayer dollars are pilfered before they can be deposited. It’s a storyline straight out of the days of the Wild West – except this is a modern day heist, and it’s the Obama administration that’s ignoring the law by diverting billions of dollars to insurance companies in an attempt to prop up Obamacare.
Betsy McCaughey recently laid out the case of the administration’s “looting” in the>New York Post, zeroing in on the clear text of the law:
The text of the Affordable Care Act is clear as a bell on what this money can be used for. Some of these annual fees — adding up to billions a year — belong to the public, not the insurance companies. The law states a fixed share “shall be deposited into the general fund of the Treasury of the United States and may not be used” to offset insurance companies’ losses.
But the administration gave all of it to the insurance companies last year, and got away with that heist. So now they’re trying it again. That’s correct – it’s not the first time they’ve issued such payments. As McCaughey quotes a leading scholar, the “illegal maneuver is ‘designed to keep a sinking ship from hitting rock bottom.’” It seems that it’s all hands on deck in the Obama administration to find ways to circumvent the law.
February 21, 2016
Obama is looting the Treasury to pay off insurers
By Betsy McCaughey
The Obama administration will tell any lie and break any law to prevent the president’s signature health-care program from collapsing.
Insurance companies such as UnitedHealthcare and Aetna are losing billions trying to sell ObamaCare plans, and the risk is they’ll drop out at the end of 2016. No insurance companies means no ObamaCare.
In 2014, the White House tried to avert that disaster by promising insurers a taxpayer-funded bailout, but public outrage and quick action by Sen. Marco Rubio put a stop to it. Now the administration is at it again.
Desperate to keep insurers on board, the administration scrambled to find another pot of money. Unfortunately, once again, a big part of that money pot belongs to the public.
President Obama doesn’t seem to care. On Feb. 12, the administration announced that the money will be handed out to insurers — a whopping $7.7 billion this year alone. But it’s not just expensive: That huge handout to the insurance industry is also illegal.
This is money you and everyone else who already has insurance are forced to pay, called a reinsurance fee. You pay the fee whether you buy your own plan or get covered at work, even if your employer self-insures. You may be clueless about it, but the fee is buried in your premium or taken out of your compensation.
The text of the Affordable Care Act is clear as a bell on what this money can be used for.
Some of these annual fees — adding up to billions a year — belong to the public, not the insurance companies. The law states a fixed share “shall be deposited into the general fund of the Treasury of the United States and may not be used” to offset insurance companies’ losses.
But the administration gave all of it to the insurance companies last year, and got away with that heist. So now they’re trying it again. … This week, a few health scholars took notice, including Galen Institute senior fellow Doug Badger. He says the illegal maneuver is “designed to keep a sinking ship from hitting rock bottom.”
ObamaCare was sold on lies: You can keep your health plan if you like it. And keep your doctor if you like your doctor. Then, once it was passed, the administration resorted to a long string of lawless executive actions to keep an unworkable scheme going, despite the damage being done to employers, doctors and consumers.
The administration’s diversion of public funds to its insurance-company cronies is just the latest defiance of the law. …
Read the full column online Read the full column online here.
Tags: Igreat Obamacare Heist, House Energy & Commerce Committee, New York Post, article To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
Betsy McCaughey recently laid out the case of the administration’s “looting” in the>New York Post, zeroing in on the clear text of the law:
But the administration gave all of it to the insurance companies last year, and got away with that heist. So now they’re trying it again.
February 21, 2016
Obama is looting the Treasury to pay off insurers
By Betsy McCaughey
The Obama administration will tell any lie and break any law to prevent the president’s signature health-care program from collapsing.
Insurance companies such as UnitedHealthcare and Aetna are losing billions trying to sell ObamaCare plans, and the risk is they’ll drop out at the end of 2016. No insurance companies means no ObamaCare.
In 2014, the White House tried to avert that disaster by promising insurers a taxpayer-funded bailout, but public outrage and quick action by Sen. Marco Rubio put a stop to it. Now the administration is at it again.
Desperate to keep insurers on board, the administration scrambled to find another pot of money. Unfortunately, once again, a big part of that money pot belongs to the public.
President Obama doesn’t seem to care. On Feb. 12, the administration announced that the money will be handed out to insurers — a whopping $7.7 billion this year alone. But it’s not just expensive: That huge handout to the insurance industry is also illegal.
This is money you and everyone else who already has insurance are forced to pay, called a reinsurance fee. You pay the fee whether you buy your own plan or get covered at work, even if your employer self-insures. You may be clueless about it, but the fee is buried in your premium or taken out of your compensation.
The text of the Affordable Care Act is clear as a bell on what this money can be used for.
Some of these annual fees — adding up to billions a year — belong to the public, not the insurance companies. The law states a fixed share “shall be deposited into the general fund of the Treasury of the United States and may not be used” to offset insurance companies’ losses.
But the administration gave all of it to the insurance companies last year, and got away with that heist. So now they’re trying it again. … This week, a few health scholars took notice, including Galen Institute senior fellow Doug Badger. He says the illegal maneuver is “designed to keep a sinking ship from hitting rock bottom.”
ObamaCare was sold on lies: You can keep your health plan if you like it. And keep your doctor if you like your doctor. Then, once it was passed, the administration resorted to a long string of lawless executive actions to keep an unworkable scheme going, despite the damage being done to employers, doctors and consumers.
The administration’s diversion of public funds to its insurance-company cronies is just the latest defiance of the law. …
Read the full column online Read the full column online here.
Tags: Igreat Obamacare Heist, House Energy & Commerce Committee, New York Post, article To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
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