Six Democratic senators introduced a bill March 21 to strengthen protections for consumers buying plans on the ACA exchanges and make those plans more affordable.
The Consumer Health Insurance Protection Act was introduced by Sens. Elizabeth Warren, D-Mass.; Maggie Hassan, D-N.H.; Bernie Sanders, I-Vt.; Kamala Harris, D-Calif.; Tammy Baldwin, D-Wis.; and Kirsten Gillibrand, D-N.Y.
"No one should have to choose between receiving quality healthcare and putting food on their table, a roof over their head, or retiring with dignity," Ms. Harris said in a statement. "This legislation is a critical step forward for Americans who are feeling their paychecks squeezed over rising costs of healthcare as insurance companies earn record profits."
The bill would make ACA plans more affordable by increasing premium tax credits, expanding cost-sharing reduction subsidies and expanding eligibility for tax credits. The bill aims to ensure every consumer seeking coverage on the exchange has access to an option that covers 80 percent of out-of-pocket costs with premiums of no more than 8.5 percent of their income.
Several of the bill's provisions are also aimed at increasing accountability of payers on the exchange. These provisions would require payers that earn revenue in Medicare or Medicaid to also offer plans on the exchanges where options are limited, cap payer profits at the level private payers earn in Medicare and Medicaid, strengthen review of premium increase proposals and create a program to track customer complaints.
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