Senator Bernie Sanders, Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, and Senator Ron Wyden, Ranking Member of the Senate Finance Committee, called on April 2 for committee leadership to hold hearings with chief executives from the largest U.S. health insurance companies. The senators said these hearings are needed to address what they describe as a fundamentally broken health care system affecting millions of Americans.
The request comes as many Americans face high medical costs and limited access to care. Sanders and Wyden wrote in a letter to HELP Committee Chairman Bill Cassidy and Finance Committee Chairman Mike Crapo: “While our health care system is failing ordinary Americans, it is working exceptionally well for big insurance companies. While 42% of cancer patients go bankrupt within the first two years of their diagnosis, last year the seven major health insurance companies in America made over $54 billion in profits … Against the backdrop of a system that leaves working families paying higher and higher medical bills, the nation’s top insurers paid their CEOs exorbitant compensation packages.”
The senators highlighted several statistics in their letter: more than 85 million people are uninsured or underinsured; over half a million individuals file for bankruptcy due to medical debt; and more than 60,000 Americans die each year because they cannot afford timely care. Despite spending nearly $15,500 per person annually—more than any other wealthy country—the United States continues to experience lower life expectancy and higher infant mortality rates.
“The American public deserves to know why the big insurance executives that testified before the House earlier this year continue to get richer and richer, while over one-third of people with health insurance have been forced to skip or delay getting the care they need because of the outrageous cost,” Sanders and Wyden wrote.
The letter also addressed concerns about industry consolidation. The senators pointed out that large insurers have expanded control across physician practices and pharmacies through acquisitions. For example, UnitedHealth Group now owns thousands of subsidiaries involved at multiple points within patient care. Companies such as UnitedHealth, Cigna, and CVS/Aetna have spent billions on stock buybacks and dividends.
“It is time for our committees to hold the chief executives of the major health insurance companies accountable for their greed and to address the health care crisis in America, as our colleagues in the House did earlier this year on a bipartisan basis,” Sanders and Wyden concluded.
The Senate Health, Education, Labor, and Pensions Committee plays an important role legislating on public health issues—including oversight responsibilities for agencies like FDA and NIH—and supporting worker rights according to its official website. In addition to shaping federal policy across education sectors nationwide according to its official website, it also influences regulations affecting workforce issues according to its official website.
