This story broke a few minutes agent by the AP. Developing. . .
The details of the plan seem to be a bit sketchy. The tentative agreement seems to replace a “full-blown” public options with a private insurance arrangement which will be supervised by the Office of Personnel Management which oversees the Federal Employees Health Insurance. This Private Arrangement could be replaced by a trigger if the private insurance companies decline to participate or if certain cost goals are not met. Details on this are unclear.
Reforms to Health Insurance regulation would include a ban on Pre-Existing conditions exclusions and a ban on denying coverage based on pre-existing conditions.
Additionally, there was consensus for a requirement that insurance companies spend at least 90% of their premium income providing benefits which supporters argue would limit spending on advertising, salaries, promotional efforts and profits. This would also negatively affect producer compensation. See NAHU’s alert on this subject!!
An ammendment today to place tougher restrictions on abortion services failed by a vote of 54-45. Senator Nelson vowed to vote against the Health Care bill if his ammendment failed.
The expansion of Medicare is also unclear but seems to be aimed at 55-64 year olds who are currently uninsured and woudl begin in 2011.