The federal government owes health insurance companies $12 billion, the Supreme Court ruled Monday. In an 8-1 decision, the court sided with health insurers claiming an Affordable Care Act provision that encouraged them to offer coverage to previously uninsured Americans had cost them billions of dollars.
The ACA's "risk corridors" program, which ran from 2015 to 2017, had promised health insurers a cushion for any potential losses if they offered coverage in the insurance marketplace the act created. But Congress passed provisions to the Department of Health and Human Services' spending bills each year to block those payments, and both the Obama and Trump administrations argued those provisions meant the federal government didn't have to pay up.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
Is pop music now too reliant on gossip?Talking Point Taylor Swift's new album has prompted a flurry of speculation over who she is referring to in her songs
-
Nuclear near-missesThe Explainer From technical glitches to fateful split-second decisions, the world has come to the brink of nuclear war more times than you might think
-
What is cloud seeding and did it cause Dubai's severe rainfall?The Explainer The future is flooded
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
-
Disney and DeSantis reach detenteSpeed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
-
Visa and Mastercard agree to lower swipe feesSpeed Read The companies will cap the fees they charge businesses when customers use their credit cards
-
Reddit IPO values social media site at $6.4 billionSpeed Read The company makes its public debut on the New York Stock Exchange
-
Housing costs: the root of US economic malaise?speed read Many voters are troubled by the housing affordability crisis
-
Feds cap credit card late fees at $8speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
