WASHINGTON — U.S. Senator Bill Cassidy on Tuesday urged Congress to redirect federal health care subsidies to consumers, arguing that current premium tax credits drive up costs and primarily benefit insurance companies.
In a floor speech, Cassidy criticized the Enhanced Premium Tax Credits, saying they channel billions of taxpayer dollars to insurers without incentives to reduce premiums. He outlined a proposal to send those funds directly to patients to help cover health care and out-of-pocket expenses. According to Cassidy, former President Donald Trump has expressed support for the approach.
“Instead of 100% of this money going to insurance companies, who take 20% of it … we give 100%, almost, to the patient, to our fellow American, in an account that she controls and use as she wishes,” Cassidy said.
“Let’s give power to the patient, not profit to the insurance company. Let’s make health care affordable again!” he said.
Cassidy has repeatedly pressed Congress to address rising health insurance costs. In November, he called for action during a Senate Finance Committee hearing and has reiterated the concerns in prior Senate floor remarks.