INSURANCE is supposed to be about the careful management of risk. Recently, for America’s health insurers, it has had a lot to do with keeping track of President Donald Trump’s Twitter feed. On October 12th the White House announced that it would cut off payments to insurers that underpin parts of the Affordable Care Act (ACA), better known as “Obamacare”. The move will knock already wobbly markets, a prospect that seems to delight Mr Trump. Yet on October 17th Senators Lamar Alexander, a Republican, and Patty Murray, a Democrat, launched a bipartisan proposal to shore up Obamacare, in part by guaranteeing the payments for two years. At first, Mr Trump seemed to be encouraging the deal. Then, on October 18th, he declared his opposition to reinstating the payments.
The money in question compensates insurers for lowering deductibles and out-of-pocket costs (the slice of medical bills not covered by insurance) for poor buyers on Obamacare’s insurance marketplaces, or...Continue reading
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