Congressman Tonko votes to restore competition, fairness in Health Insurance Marketplace

Congressman Paul Tonko voted for the Health Insurance Industry Fair Competition Act which will take away the anti-trust exemption for health insurance companies, requiring them to compete fairly and adhere to the same anti-trust laws as other companies.

“For too long, Americans have been had by health insurance companies that don’t play by the rules,” said Congressman Tonko. “Middle-class families are facing higher premiums, a lower quality of coverage and limited choices – all while monopoly health insurance companies are jacking up prices and turning record profits. Enough is enough.”

For 65 years, the health insurance industry has been legally exempt from anti-trust laws, and the federal government was banned from even investigating evidence of possible collusion. In the last 14 years alone, there have been 400 mergers among health insurers and now 94% of all insurance markets are “highly concentrated” – meaning consumers have little or no choice between insurance providers.

“Competition is the core principle of our economy,” Congressman Tonko continued. “And for consumers, it’s a guarantee of two things: more choices and lower costs. It is the engine that drives economic growth, spurs American innovation and ensures that consumers are getting a fair deal. This bill creates a fair health insurance marketplace and helps put our economy on sound footing for the future.”

For more information, please click here.