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August 17, 2009

Seller's market


Chad Terhune, Senior writer at BusinessWeek, is co-author of the article "The Health Insurers Have Already Won"

This report confirms the death of the public plan.
Terhune: ... there's not going to be a public plan. And I could have told you that from my reporting earlier in the summer, just was not going to happen.
In my mind the real money quote in this interview describes exactly how the Democratic legislation will be shaped to enhance private insurance profits through nasty employer/individual mandate coupled with reduced minimum benefits. Here is the money quote,
Terhune: ... they want to whittle that [the minimum benefit] down to where you and I would have to pay more out of pocket, insurance would cover less. They've been very persuasive on that, knocking down that number of what the minimum benefits would be. ... OK, if you say these are the minimum benefits, these are the package, and it comes with an actuarial figure, that's basically a percentage of how much the insurance company pays on average and how much you and I as consumers would pay out of pocket. And at one point it was about 76 percent, being the percentage the insurance company would pay, and we would pay the rest in co-pays, deductibles out of pocket. And over time, through the Senate Finance Committee, that's gotten whittled down to about 65 percent. [emphasis added]
My Democratic registration card is being ripped up as I write this.

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