This is precisely why we need the public option as a cost containment in the final bill product, and why we MUST work hard to influence the final conference report! According to the Los Angeles Times, the Senate Finance Bill is a "bonanza" for private insurers because without a public option to lower premium costs and provide competition, what insurance companies get are 47 million new captive customers with big fat government subsidies (i.e. bailouts) that are forced to buy junk insurance plans.

"It's a bonanza," said Robert Laszewski, a health insurance executive for 20 years who now tracks reform legislation as president of the consulting firm Health Policy and Strategy Associates Inc.

And you know what's egregiously bad about this? Private insurance companies currently pay about 80% of insurance policy claims, and in the Senate Finance Bill, the requirement for them will be lowered to 65%! That means you'd be required to pick up 35% of your medical bills. See? You get covered, but you're forced to pay 35% of your bills.

That's why I keep saying that universal coverage does not equate affordability.