Health insurance industry: How the ACA changed everything
By: Sandhya Choudhary, Reuters Health and Human Services Secretary Sylvia Burwell on Friday released a new analysis of the healthcare industry, which the Trump administration has criticized for a lack of transparency and a lack “fairness.”
Burwell said she would take the report to Congress next month.
The report, which is based on a study of about 600 health insurance companies and provides detailed information on premiums, deductibles and out-of-pocket costs, will be released by the end of the year.
She said the report will provide consumers more information about how the health care industry operates, including how it is funded, and how it interacts with state and local governments.
She said the Trump Administration has been “extremely critical” of the insurance industry and has not been forthcoming with the information it has on how the industry operates.
The health insurance company industry accounts for about a third of all business in the United States.
The report released Friday by the Centers for Medicare and Medicaid Services (CMS) said that while the ACA has been an enormous economic boon to the economy, there have been many unintended consequences.
It said the industry has suffered from a lack, a lack for transparency and an absence of fairness.
“Despite the ACA’s historic accomplishments, it has also had the unintended consequence of increasing insurance premiums, increasing deductibles, and reducing the affordability of care for millions of Americans,” the report said.
The CMS report also said the ACA was the “largest health care law in the world,” and that the health insurance system is “highly fragmented, poorly regulated, and poorly understood by the public.”
It said “many health care services and benefits are provided by private companies and providers” and that insurers are “not transparent” about their costs and services.
Burwell has said the government needs to improve transparency in the health system.