Where’s the Obamacare Navigator Funding for 2019, PA Insurance Commissioner Asks

Where’s the Obamacare Navigator Funding for 2019, PA Insurance Commissioner Asks

By The Fiscal Times Staff

Pennsylvania’s insurance commissioner sent a letter this week to Health and Human Services Secretary Alex Azar and Centers for Medicare and Medicaid Services (CMS) Administrator Seema Verma requesting that they “immediately release the funding details for the Navigator program for the upcoming open enrollment period for 2019.” Navigators are the state and local groups that help people sign up for Affordable Care Act plans.

“In years past, grant applications and new funding opportunities were released by CMS in April, CMS required Navigator organizations to apply by June and approved applications and new funding by late August,” Pennsylvania’s Jessica Altman wrote. “The current lack of guidance has put Navigator organizations – and states - far behind in their planning and creates an inability for the Navigator organizations to design a successful plan for helping people enroll during the 2019 open enrollment period.”

Bank Profits Hit New Record Thanks to 2017 Tax Law

iStockphoto/The Fiscal Times
By Yuval Rosenberg

Bank profits reached a record $62 billion in the third quarter, up $14 billion, or 29.3 percent, from the same period last year, according to data from the Federal Deposit Insurance Corporation. The FDIC said that about half of the increase in net income was attributable to last year’s tax cuts. The FDIC estimated that, with the effective tax rates from before the new law, bank profits for the quarter would have risen by about 14 percent, to $54.6 billion.

Chart of the Day: SALT in the GOP’s Wounds

© Mick Tsikas / Reuters
By The Fiscal Times Staff

The stark and growing divide between urban/suburban and rural districts was one big story in this year’s election results, with Democrats gaining seats in the House as a result of their success in suburban areas. The GOP tax law may have helped drive that trend, Yahoo Finance’s Brian Cheung notes.

The new tax law capped the amount of state and local tax deductions Americans can claim in their federal filings at $10,000. Congressional seats for nine of the top 25 districts where residents claim those SALT deductions were held by Republicans heading into Election Day. Six of the nine flipped to the Democrats in last week’s midterms.

Chart of the Day: Big Pharma's Big Profits

By The Fiscal Times Staff

Ten companies, including nine pharmaceutical giants, accounted for half of the health care industry's $50 billion in worldwide profits in the third quarter of 2018, according to an analysis by Axios’s Bob Herman. Drug companies generated 23 percent of the industry’s $636 billion in revenue — and 63 percent of the total profits. “Americans spend a lot more money on hospital and physician care than prescription drugs, but pharmaceutical companies pocket a lot more than other parts of the industry,” Herman writes.

Chart of the Day: Infrastructure Spending Over 60 Years

iStockphoto
By The Fiscal Times Staff

Federal, state and local governments spent about $441 billion on infrastructure in 2017, with the money going toward highways, mass transit and rail, aviation, water transportation, water resources and water utilities. Measured as a percentage of GDP, total spending is a bit lower than it was 50 years ago. For more details, see this new report from the Congressional Budget Office.