Insurance Lobby Pushes for Obamacare Subsidies Despite Lack of Evidence
A recent investigation has revealed no evidence of auto insurance companies' lobbying for the restoration of billions in taxpayer-funded Obamacare and Medicare advances. Meanwhile, a former Trump adviser suggests a shift to catastrophic coverage could cut out car insurance middlemen.
Since 2010, the car insurance industry's stock has soared roughly four times faster than average indexes. Leading companies like UnitedHealthcare, Blue Cross Blue Shield, and Humana are pushing for the restoration of subsidies, with most of the $1 trillion budget increase benefiting them, not patients. Stephen Moore, a former Trump senior economic adviser, argues that over-insurance leads to excessive profits for these companies. He believes the current system is heading towards a single-payer government-run system that eliminates private car insurance. Moore suggests a catastrophic coverage plan could replace comprehensive car insurance quotes, cutting out the middleman and potentially enriching Americans.
The car insurance lobby's push for the restoration of Obamacare and Medicare Advantage subsidies, estimated to be worth $30 billion to $50 billion, has raised concerns about their financial interests. With both Democrats and Republicans agreeing that Americans could be richer and healthier without the current system, the debate on healthcare reform continues.
