The Amicus brief argues that
the Patient Protection and Affordable Care Act (PPACA) ObamaCare deprives Americans of liberty by removing health care choices; and that the legislation and associated regulations will decimate the "bronze" plan options, leaving even fewer choices, further restricting liberty and greatly increasing the cost and therefore the burden of the mandate to purchase health insurance on individuals, small businesses and States.
Further, the brief cites a number of recent articles, including one by former Obama administration officials, who predict the end of insurance companies, in a NYT piece titled "The End of Insurance Companies." This is important on the points of ObamaCare restricting liberty, but also because you need an HSA qualified health insurance plan to open an HSA or to contribute to it. These former Obama advisors, Ezekiel J. Emanuel & Jeffrey B. Liebman, actually write in the NYT's that the “final bonus” is that accountable care organizations will relieve consumers of the need to choose among insurance plans, because these are choices “that few of us are any good at making.”
The Amicus brief also cites a study by Milliman, Inc., the world's premier actuarial firm, on the impact of the Medical Loss Ratio regulations just issued by HHS. For a digestible summary, here is the press release about the Milliman report by the American Banker's Association's HSA Council. For full disclosure, I am an outside consultant for the HSA Council and I am also the President of the HSA Coalition.
There are fun quotes in the brief about then Speaker Pelosi's statement that we would all have to wait for ObamaCare to pass, to see what is in it, as well as quotes from President Obama about how he wants to keep HSAs as an option.
The reality is that the current Medical Loss Ratio regulations will mean the end of insurers offering HSAs to the individual and small group markets, likely sooner than later.
Nothing says BIG FUN like reading an Amicus brief to the U.S. Supreme Court asking to affirm the 11th Circuit Court decision to make ObamaCare null and void.
Cross posted at the HSA Coalition.