Report Shows How GOP Health Care Scheme Would Further Enrich Insurance Giants

"The report focuses on growing GOP support for a proposal that would give Americans money in tax-advantaged vehicles such as health savings accounts (HSAs) to help cover out-of-pocket costs. Last week, Trump championed the idea in the Oval Office, characterizing the proposal as a way to "forget this Obamacare madness.""

"In a social media post on Tuesday, Trump railed against "BIG, FAT, RICH INSURANCE COMPANIES" and doubled down on the idea of funding health savings accounts instead of extending the enhanced ACA tax credits. But Wyden's report argues that "no matter how Republicans design their plan, their promise to take money out of the hands of big insurance companies and put it in the hands of patients will go unfulfilled, because the very arrangements they tout are administered by large financial institutions and the same big insurance companies.""

Republican proposals would shift federal support from enhanced Affordable Care Act tax credits into tax-advantaged accounts such as health savings accounts (HSAs) to help pay out-of-pocket costs. President Donald Trump publicly endorsed funding HSAs and characterized the policy as a way to "forget this Obamacare madness," while criticizing insurers as "BIG, FAT, RICH INSURANCE COMPANIES." Large financial institutions and major insurers administer HSAs and collect numerous fees, which could result in substantial profits for those firms. Optum Bank, a UnitedHealth Group subsidiary, is a major HSA administrator and charges fees including a $20 outbound transfer fee, monthly maintenance fees, and ATM fees.

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