Mark Cuban Says Obamacare As It Stands Today Is 'Garbage,' Billionaire Says The Blame Lies At The Doorstep Of Politicians

On Thursday, Mark Cuban accused major insurers of "abusing" independent physicians and arguing that the Affordable Care Act, often referred to as "Obamacare," has deteriorated into a system that corporations have learned to game.

Cuban Accuses Insurers of Abuse And Predatory Tactics

Cuban took to X and condemned what he described as a widespread pattern of big insurance companies denying, underpaying, slow-paying and clawing back reimbursements from independent physicians and pharmacies.

He said insurers intentionally bury small providers in administrative hurdles, knowing they lack the time and resources to push back.

The result, he argued, is financial pressure that forces many to shut down, sell their practices or direct patients to insurer-controlled providers.

"This is not an efficient market. This is the big guy abusing the little guy. It needs to change to better the care we get in this country," he wrote.

See Also: Insurers Slide As Congress Postpones Decision On Health Subsidies, Delays Obamacare Subsidy Vote To December

Cuban founded the Mark Cuban Cost Plus Drug Company in 2022 to drive down prescription drug prices for consumers.

Cuban: The ACA Has Been Exploited — And Needs A Full Overhaul

When a surgeon replied, alleging that Obamacare had "destroyed private practice" and noted she closed her office this year, Cuban said the Affordable Care Act is "garbage today."

He said it is not because the law was flawed from the start, but because it is now 15 years old and vulnerable to corporate manipulation.

" In 15 years big companies are going to learn how to game any law that defines hundreds of billions of dollars, " he said. "The fault isn't with the ACA, it's with politicians and administrations that let the abuse of the ACA occur."

Cuban added that while premium subsidies should be extended temporarily, "now is the time to replace it" and "redo healthcare."

Political Battle Over ACA Subsidies Intensifies

Cuban's comments come after last month Republicans attempted to replace the ACA's funding model by directing subsidies into Americans' health savings accounts — a plan he dismissed as "really, really dumb," arguing the money could be used for nonmedical expenses.

During the ongoing shutdown, President Donald Trump urged Senate Republicans to scrap the ACA and redirect federal healthcare dollars straight to Americans.

On Thursday, Senate Minority Leader Chuck Schumer (D-N.Y.) said that Democrats are pushing for a three-year extension of enhanced ACA tax credits to prevent steep premium hikes next year, reported CNBC.

Schumer's bill is expected to fall short, with many Republican senators insisting the ACA subsidies should end, saying the pandemic-era assistance was always intended to be temporary, the report said.

Trump has also said that he opposes extending Obamacare subsidies.

The vote stems from a commitment Senate Majority Leader John Thune (R-S.D.) made to Democrats during negotiations to resolve last month's record-long government shutdown.

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