Vice President Joe Biden Addresses NAIC On Health Care Reform

Calling the national dialogue a “legitimate debate,” the Vice President directly addressed the most common arguments against the plan. He said the proposal would preserve and create more competition while providing more choices for consumers. The plan would include 30 million to 40 million new paying customers, many of them healthy and young, which would keep costs down.
Underpinning the dire need for reform, the Vice President presented new White House findings that “health insurance premiums in states have gone up between 90 percent to 150 percent over the last decade — far faster than wages and inflation.”

He also presented a set of “good ground rules” that he believes insurance companies should adopt to restore stability. “If every company has to have some guarantees, no company is at a competitive disadvantage,” he said. These rules include:

• No Discrimination for Pre-Existing Conditions;
• No Exorbitant Out-of-Pocket Expenses, Deductibles or Co-Pays;
• No Cost-Sharing for Preventive Care;
• No Dropping of Coverage for Seriously Ill;
• No Gender Discrimination;
• No Annual or Lifetime Caps on Coverage;
• Extended Coverage for Young Adults;
• Guaranteed Insurance Renewal.

While stressing the urgency of reform, the Vice President also noted the plan’s historic nature. “We have never been this close to real health insurance reform. I mean that. I have never seen such broad agreement on so much of a major reform plan in my decades of public service. The health care system is broken; the need for reform is acute. The time is now to get this done — and get it done right.”

Biden closed his address by noting the influence and importance of state insurance regulators. “Your input in the process will be key to the success of health care reform. You support reform. You know better about the inefficiencies, cost shifting and bad practices. You’re the best equipped to educate consumers and a critical line of defense against fraud. You are the most influential to deal with this issue in our states.”

Click HERE for NAIC President Roger Sevigny's introductory remarks and Excerpts from Vice President Joe Biden's Address

About the NAIC

Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org.