The Hill reports:
Blue Cross Blue Shield is lobbying Congress this summer to protect an ObamaCare insurer fund that Republicans have called a “bailout” for companies.Note the greedy rent-seekers " did not return multiple requests for comment. "
The corporation — which insures more than 100 million people nationwide — is distributing a memo to lawmakers warning against some GOP attempts to block the money from going to insurers this fall.
“Recently, some are proposing to stop the scheduled 2016 reinsurance payments to health plans, claiming these payments are a ‘bailout,’ ” the company wrote in the memo, obtained by The Hill. “This would result in higher premiums and less choice for consumers,” it reads.
Blue Cross Blue Shield did not return multiple requests for comment.
The reinsurance program was created under ObamaCare as a form of life support for insurers like Blue Cross Blue Shield that saw an influx of "high-risk" patients after the massive shake-up of the marketplace.