U.S. Insurance Industry Releases Report Predicting $4,000 Increase in Yearly Premiums Under Proposed Legislation
"This is a self-serving analysis from the insurance industry, one of the major opponents of health insurance reform," White House spokesman Reid Cherlin said.
"It comes on the eve of a vote that will reduce the industry's profits. It is hard to take it seriously," he added.
Insurance companies aren't playing nice any more. Their dire message that health care legislation will drive up premiums for people who already have coverage comes as a warning shot at a crucial point in the debate, and threatens President Barack Obama's top domestic priority.
Health insurance premiums for the typical American family would increase by another $4,000 by 2019 under a key Senate overhaul plan, according to an industry trade group analysis.
Sen. Max Baucus' Finance Committee is likely to vote Tuesday on an $829 billion bill to overhaul health care.
The report raised new questions about the political viability of the 10-year, $829 billion compromise bill drafted under the guidance of Sen. Max Baucus, D-Montana, chairman of the Finance Senate Finance Committee.