On August 21, Senate Commerce Committee Chairman Jay Rockefeller (D WV) sent a letter to the 15 largest U.S. health insurers demanding data on their medical cost ratios -- "the percentage of premium dollars insurers spend that go directly to covering consumer health care payments." It's not clear whether the inquiry extends to the profitability of FEHB Program business.
The Senator's effort complements the investigation of health insurer profits and executive compensation launched by House Energy and Commerce Committee Chairman Henry Waxman (D CA).
Both the health care reform bills cleared by three House committees, including Energy and Commerce, and and by the Senate Health Employment Labor and Pensions Committee would authorize the government to cap those ratios. I'm still waiting for Congressional investigations of health care provider and pharmaceutical company profitability.
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