Washington, D.C. – Foundation for Government Accountability President and CEO Tarren Bragdon will testify before the U.S. Senate Committee on Health, Education, Labor, and Pensions this morning during its hearing entitled “Stabilizing Premiums and Helping Individuals in the Individual Insurance Market for 2018: State Flexibility.”
Bragdon’s remarks will focus on the unsustainable costs of health insurance that are facing consumers across the nation and will offer policy recommendations that would substantially reduce insurance premiums for everyone, including those with pre-existing conditions. For example:
Adoption of Invisible Risk Sharing
Invisible Risk Sharing has been incredibly successful in simultaneously increasing coverage and reducing premiums. In Maine, invisible risk sharing helped lower premiums in the individual market–and the effects of national reform would be just as positive. The reform would lower premiums by up to 31 percent, encouraging up to 2 million more Americans to voluntarily buy insurance.
Overhauling 1332 Waivers
In order to offer relief to struggling states and consumers through waivers, Section 1332, which currently acts as a straight jacket for states, must be overhauled. Congress must clarify the path toward timely approval of 1332 waiver applications and provide more policy flexibility to give states the freedom to find solutions that work for their citizens.
Addressing the Cost of Care through Transparency
Consumers are beginning to demand transparency in all aspects of their lives—and health care should be no different. By allowing patients to shop for the best value care—just as they would compare costs for any other good—this reform helps to manage costs while ensuring quality care.