U.S. taxpayers could pay $1 billion by the end of the year to bail out insurance companies taking a loss from providing Obamacare-compliant plans, and President Barack Obama’s most trusted adviser helped cut the deal, according to a report from the House Oversight and Government Reform Committee released Monday.
Senior White House adviser Valerie Jarrett contacted insurance company executives after CEOs warned they might have to dramatically increase premiums and needed the Obamacare risk corridor program provide assistance.
“Documents show that Ms. Jarrett took the warnings of the insurance companies very seriously and indicated that the administration had given insurers 80 percent of what they sought. Insurers were not satisfied with the administration’s first change and lobbied for additional protection,” the committee report states. “In May 2014, the administration delivered to insurers, modifying the risk corridor payment formula to increase the size of the bailout insurers could expect to receive.”
NO NO NOOOOO NO MORE BAILOUTS!!!!!