Why Are Health Insurance Costs So High?

Health insurance costs are rising fast. This has people worried. Lawmakers in Washington wanted answers. They called the big bosses of major health insurance companies to explain. These bosses came from UnitedHealth Group, CVS Health Group, Cigna Health Group, Elevance Health, and Ascendiun. They spent their day talking to two different committees. The first was the House Energy and Commerce Committee. The second was the Ways and Means Committee. Lawmakers from both sides were upset. They said premiums are too high. Some people's costs have doubled or even tripled. This is especially true for those who get insurance through the Affordable Care Act. Others with job-based insurance also saw increases. Insurance companies say this is because prescription drugs and hospital care cost more. But lawmakers weren't convinced. They pointed out that these companies are making record profits. This made people angry. It feels unfair when costs go up, but profits do too.The bosses said they are trying to lower costs. They argued that premiums reflect higher costs in the health care system. They also said they compete on pricing. Raising premiums too high would hurt their business. Some lawmakers focused on pharmacy benefit managers (PBMs). These are middlemen who decide what drugs are covered. Big insurance companies own these PBMs. This gives them a lot of power. Lawmakers worry this might not be good for consumers. Rep. Alexandria Ocasio-Cortez asked about CVS's market share. She said CVS manages around 30% of all prescriptions. She thought this was too much power in one company's hands. But the CEO disagreed. He said it works well for consumers. Other lawmakers talked about people being denied coverage. Rep. Kim Schrier shared a story about a constituent who was denied care after a stroke. She called this shameful. It shows why many people dislike their insurance companies. These hearings are just the start. Lawmakers want to find out why health care costs are so high. But they also blamed each other. Republicans said Obamacare is to blame. Democrats said Republicans aren't doing enough to help.