A constellation of insurance regulators and executives were on hand at the White House for an event marking the 90-day anniversary of the signing of the Affordable Care Act.
After a closed-door meeting, President Obama spoke in the East Room. He noted that the event also coincided with the Departments of Health and Human Services, Labor and Treasury issuing new regulations that would end “some of the worst practices” in the insurance industry, including rescissions, lifetime care limits and discrimination against patients with preexisting conditions. Despite the tough rhetoric, Obama said the new rules were not punitive. “As I said when I met with the insurance executives, it’s not meant to punish insurance companies,” Obama said. “They provide a critical service. They employ large numbers of Americans. And in fact, once this reform is fully implemented a few years from now, America’s private insurance companies have the opportunity to prosper from the opportunity to compete for tens of millions of new customers. We want them to take advantage of that competition.”
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