This comes from the Politico reporting on Sec. Gibbs appearance on Fox News Sunday.
The CBO Scoring of HR3590 was also released late last week. I could probably write pages and pages on this document. It amazes me how the government can issue reports like this with a “straight face” and probably explains why so few individuals with experience in the business world can make it in government.
One example:
The impact of the CLASS Act was broken out in the latest scoring (see page 26, Title VIII). According to CBO scoring, the CLASS Act provides a $70 Billion Benefit over 10 years. This is hilarious, frankly. Anyone who’s been around the LTC business knows that the liabilities on LTC obligations develop slowly, but when they come, they can be massive. A guaranteed issue LTC insurance program funded by the federal government will result in future liabilities which are many multiples of the revenues which are received in the early years of the program (maybe by a factor of 5-10?).
SNL Health Care
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Lets face it, HCR will pass this week. What is in store for Medicare Advantage in 2011? Who wil exit? What areas will be hit the hardest? Will there be any $0 premium plans left?