In reading HR 3200 (little by little), I’m trying to understand the point of Section 164, “Reinsurance Program for Retirees”.  This appears to provide a free reinsurance program to subsidize retiree medical benefits.  Given that the only retiree medical benefits out there are driven by collective bargaining agreements is this really a government subsidy of union retiree medical benefits — thereby insuring that union members get access to superior medical benefits at government expense?

One provision of HR 3200 that has gotten little play is Section 116. “Ensuring Value and Lower Premiums.”  This section provides:

A qualified health benefits plan shall meet a medical loss ratio as defined by the Commissioner.  For any plan year in which the qualified health benefits plan does not meet such medical loss ratio, QHBP offering entity shall provide a manner specified by the Commissioner for rebates to enrollees of payment sufficient to meet such loss ratio.

Unless I’m reading this wrong, this provision effectively places a cap on insurance company profits.  Given that all insurance plans must meet the requirements of a qualified health benefits plan, and the profits of the insurers can earn on those plans are capped, health insurers will, at best, become the equivalent of utilities, and at worst will simply disappear as the profit margins don’t warrant staying in the business.

I’m watching Colin Powell on FoxNews. He has gone off the rails. At least three times he has implied that McCain is raising the idea that Obama is a Muslim and a terrorist. He is an embarassment. I am so angry right now.

Update: I think some have misunderstood the point of my anger. I could care less if Powell prefers Obama. If he thinks Obama would be a better president based on Obama’s policy positions, that’s his right. But to throw out these incendiary and false claims about McCain is despicable.