First Look: Rubio Rips Insurance Bailout in New Video
Florida Senator Marco Rubio continued his assault on an Obamacare “bailout” quietly built into the health care law in new video address to constituents provided exclusively to Breitbart News.
“We should not allow private companies to use their political influence to allow them to write provisions and laws that allow them to be bailed out with taxpayer funding,” Rubio says in the video.
At issue is a “risk corridor” provision in Obamacare that acts as a kind of insurance pool for the health insurance companies in the event the clients they insure include too many sick people, driving up costs.
“In and of itself, that is not a bad idea - it has merit. Because there are, from time to time, in a competitive insurance marketplace, where 1-2 companies, out of hundreds, will make a mistake. Our job is not to keep them in business but what we don't want to see happen is the bills that are coming in, lets say from a hospital or a doctor, go unpaid because the company doesn't have the money to pay it,” Rubio says.
However, he adds, the idea as applied to Obamacare is a bad one because the law is “guaranteed to fail.”
Because not enough young and healthy people are signing up and President Obama has unilaterally delayed various deadlines in the law, the exchange market is “basically the equivalent to a high risk pool – that is an insurance product that's guaranteed to lose money,” Rubio says.
“Now the federal government, meaning you and your taxpayer dollars, will have to come in and bail these companies out,” Rubio says.
At the beginning of the video, Rubio read from several constituent letters from Florida residents practially begging him to stop the bailout from happening.
The Florida Senator has introduced legislation to stop the bailout and says there is growing bipartisan interest in the bill.