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Why Do Insurance Companies Support Obama?

August 18, 2009

Most would think the insurance companies would balk at government intervention but that is not the case. In reality, they have sold out.

“–NYT’s BOB HERBERT, ‘This Is Reform? Why the insurers and the drug industry are smiling’: ‘[I]f we manage to get health care ‘reform’ this time around it will be the kind of reform that benefits the very people who have given us a failed system, and thus made reform so necessary. Forget about a crackdown on price-gouging drug companies and predatory insurance firms. That’s not happening. With the public pretty well confused about what is going on, we’re headed – at best – toward changes that will result in a lot more people getting covered, but that will not control exploding health care costs and will leave industry leaders feeling like they’ve hit the jackpot. … Insurance companies are delighted with the way ‘reform’ is unfolding. Think of it: The government is planning to require most uninsured Americans to buy health coverage. Millions of young and healthy individuals will be herded into the industry’s welcoming arms. This is the population the insurers drool over. This additional business – a gold mine – will more than offset the cost of important new regulations … If the oldest and sickest are on Medicare, and the poorest are on Medicaid, and the young and the healthy are required to purchase private insurance without the option of a competing government-run plan – well, that’s reform the insurance companies can believe in.”

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