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Blue Cross Blue Shield Tower. Photo: Raymond Boyd / Getty Images

Insurance companies are leaning hard on Congress to pass new reinsurance funding, hoping lawmakers might even take up such a measure this week as part of yet another short-term spending bill to avert a government shutdown.

How it works: Reinsurance directly compensates insurance companies for some of their most expensive claims, so they don’t have to make up for those costs by raising everyone’s premiums.

  • The Blues like the reinsurance bill from Rep. Ryan Costello, largely because it includes some "parameters" for states to follow if they don’t have an existing policy infrastructure in place — or time to set one up — to administer a reinsurance program.

What they're saying:

  • The Blue Cross Blue Shield Association told a group of reporters yesterday that it thinks next year’s premiums are set to rise by an average of roughly 13%, thanks to normal increases in medical costs plus the repeal of the individual mandate.
  • But those projected premiums would fall by an average of 17% if Congress creates a new reinsurance program, and another 10% of it funds the ACA’s cost-sharing subsidies, BCBSA said. (These are estimates for a middle-of-the-road “silver” plan — the policies where the cost-sharing payments make the biggest difference.)

The odds: Reinsurance has bipartisan support. Getting it done this week is asking a lot.

Go deeper

Wall Street braces for more turbulence ahead of Election Day

Illustration: Eniola Odetunde/Axios

Wall Street is digging in for a potentially rocky period as Election Day gets closer.

Why it matters: Investors are facing a "three-headed monster," Brian Belski, chief investment strategist at BMO Capital Markets, tells Axios — a worsening pandemic, an economic stimulus package in limbo, and an imminent election.

Dave Lawler, author of World
4 hours ago - World

How Biden might tackle the Iran deal

Photo illustration: Aïda Amer/Axios. Photo: Drew Angerer/Getty Images

Four more years of President Trump would almost certainly kill the Iran nuclear deal — but the election of Joe Biden wouldn’t necessarily save it.

The big picture: Rescuing the 2015 Joint Comprehensive Plan of Action (JCPOA) is near the top of Biden's foreign policy priority list. He says he'd re-enter the deal once Iran returns to compliance, and use it as the basis on which to negotiate a broader and longer-lasting deal with Iran.

Kamala Harris, the new left's insider

Photo illustration: Eniola Odetunde/Axios. Photo: Joe Buglewicz/Getty Images     

Progressive leaders see Sen. Kamala Harris, if she's elected vice president, as their conduit to a post-Biden Democratic Party where the power will be in younger, more diverse and more liberal hands.

  • Why it matters: The party's rising left sees Harris as the best hope for penetrating Joe Biden's older, largely white inner circle.

If Biden wins, Harris will become the first woman, first Black American and first Indian American to serve as a U.S. vice president — and would instantly be seen as the first in line for the presidency should Biden decide against seeking a second term.