Overnight Healthcare: Clinton vows crackdown on insurers

Hillary Clinton is promising to “build on” ObamaCare with new proposals that would crack down on insurers to limit premium hikes and halt rising out-of-pocket healthcare costs.

The Democratic presidential front-runner unveiled a sweeping plan Wednesday that would give lawmakers more power to reject rate hikes, scrutinize proposed mergers between insurance giants and “shine a light” on prices for medical services.

“With deductibles rising so much faster than incomes, we must act to reduce the out-of-pocket costs families face,” Clinton said in a statement Wednesday, marking her third straight day focusing on healthcare policy.

{mosads}In a direct hit on insurance companies, the former secretary of State’s plan promises to give states more authority to block “excessive” premium increases — part of ObamaCare that has been optional for states.

Under her plan, families would receive as much as $5,000 toward paying healthcare costs not already covered by their insurance companies. Individuals could receive up to $2,500 based on their income. Insurance plans would also have to cover three sick visits per year that don’t count toward deductibles. Read more here.

MEDICAL DEVICE LOBBYIST EXPECTED TO HEAD PHRMA: A medical device lobbyist is expected to take over as head of the pharmaceutical industry’s largest trade group, according to a source.

Steve Ubl, president and CEO of AdvaMed, will “more than likely” take over as president and CEO of Pharmaceutical Research and Manufacturers of America (PhRMA), the source said.

The move is not finalized, however. PhRMA spokesman Robert Zirkelbach would only say on Wednesday that “a decision has not been made yet.” Read more here.

CBO: DEFUNDING PLANNED PARENTHOOD RAISES SPENDING Permanently defunding Planned Parenthood would end up increasing government spending by $130 million over 10 years, according to the Congressional Budget Office (CBO).

The CBO, Congress’s nonpartisan scorekeeper, projects that defunding Planned Parenthood would actually end up increasing government spending, because it would result in more unplanned births as women lost access to services such as contraception. Medicaid would have to pay for some of those births, and some of the children themselves would then end up qualifying for Medicaid and other government programs.

So while CBO estimates that cutting off federal funds to Planned Parenthood would reduce spending by $520 million in ten years, it would also increase spending by $650 million over that period. The net effect is an increase in spending of $130 million. Read more here.

COMPANY ACCUSED OF ‘PRICE GOUGING’ WALKS BACK ON INCREASES: The pharmaceutical company accused of “price gouging” by Hillary Clinton this week will limit the cost increase of its drug, its CEO said.

After making national headlines for the drug’s 4,000 percent cost increase, CEO Martin Shkreli told ABC News that he would make the drug “more affordable.”

Turing Pharmaceuticals had been under intense criticism after it increased the cost of a years-old treatment for parasitic infections to $750 a tablet from $13.50 after acquiring the drug last month.

In an earlier interview Tuesday, Shkreli defended the price of the drug, which he said is “still a bargain for health insurers.”

“This drug saves your life for $50,000,” Shkreli told Bloomberg News, while acknowledging the drug is relatively inexpensive to make. Read more here.

What we’re reading

Planned Parenthood tries in vain to get Carly Fiorina to retract video claim

Clinton: I defend and I will continue to defend Planned Parenthood

Study: ObamaCare has made Americans more conservative about healthcare

State by state

NC bill would ban fetal tissue sale

New website reveals cost of medical procedures in California

Planned Parenthood, Alabama in court over Medicaid money

What you might have missed from The Hill

Heritage urges ‘no’ vote on spending bill with Planned Parenthood funds

Finance committee to examine improper payments to Medicare, Medicaid

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