Franken Wants Health Profits Limited

Al Franken has introduced his biggest bill since joining the U.S. Senate this summer, one that requires at least 90 percent of health insurance premium dollars go for health services, not profits.

“As we move forward in health insurance reform, it’s essential that insurance companies know that their top priority must be serving patients, not taking care of shareholders or CEOs,” the Minnesota Democrat said. “The Fairness in Health Insurance Act is a key part of ensuring that health insurance reform puts patients before profits.”

Minnesota’s non-profit insurance plans lead the country, with 91 percent of premiums going into health services, Franken said.

“Minnesota is a national leader in health care,” said Rep. Keith Ellison, D-Minn., a House sponsor of the proposal. “One way to help lower health care costs is to ensure that health plans spend the monies provided to them on health care services.”