Posted: Mar 8, 2010 8:35 AM by Associated Press
President Barack Obama says his health care overhaul plan is needed to stop insurance companies from raising prices and refusing to cover people who are already sick. Obama says insurers believe they can continue raising rates and refusing to cover the ill because there is so little competition among health insurers.
The White House released excerpts of a speech he will deliver later Monday in Philadelphia. In it, Obama asks, "How much higher do premiums have to rise until we do something about it?"
Insurers have blamed rising rates on the growing price tag of prescription drugs, hospital stays and other medical costs. Obama has long made them a target in his drive for revamping the health care system.