Washington - Democratic Senators Blanche Lincoln, Frank Lautenberg and Robert Menendez held a press conference this afternoon to discuss Senator Lincoln's amendment to The Patient Protection and Affordable Care Act that will limit the deductibility of executive compensation for health insurance companies. The amendment would direct all of the revenue raised by limiting the deductibility of executive compensation for insurance companies to the Medicare Trust Fund.
"This is a fair policy aimed at encouraging health insurance companies to put premium dollars toward lower rates and more affordable coverage, not in the pocketbooks of their executives," said Senator Lincoln. "I am proud of this proposal, which will reassure American consumers and taxpayers that health insurance executives aren't receiving a personal windfall - and that the companies they work for are not receiving excessive tax breaks. At the same time, this proposal protects our seniors of today and tomorrow by ensuring that the Medicare Trust Fund remains strong."
Senator Lautenberg said: "For too long, health insurance companies have been gouging consumers while gorging themselves with exorbitant pay. is simply unfair for American taxpayers to be forced to subsidize huge executive compensation packages. Our amendment is the right approach to make sure that health care premiums are used to provide care to patients, while helping to shore up Medicare at the same time."
"While executives at health insurance companies reap increasing compensation, health coverage is being creatively denied to those who have, in good faith, paid their premiums," said Senator Menendez. "This proposal would protect consumer health and dollars by making insurers pay their fair share while policy holders pay premiums for coverage they deserve."
October 27, 2020