The health care bill is a huge improvement over the status quo

The president’s bill would grant the federal health and human services secretary new authority to review, and to block, premium increases by private insurers, potentially superseding state insurance regulators. The bill would create a new Health Insurance Rate Authority, comprised of health industry experts that would issue an annual report setting the parameters for reasonable rate increases based on conditions in the market.

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You’ll buy your individual plan from a health insurance exchange where all plans will have to meet minimum standards for coverage and spend about 80 to 85 percent of premiums on health care on their customers, instead of on overhead, profits, and executive perks.

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Within the first year of signing health care reform, thousands of uninsured Americans with preexisting conditions would suddenly be able to purchase health insurance for the very first time in their lives.

This year, insurance companies will be banned forever from denying coverage to children with preexisting conditions.

This year, they will be banned from dropping your coverage when you get sick. And they will no longer able to arbitrarily and massively hike your premiums. Those practices will end.

If this reform becomes law, all the new insurance plans will be required to offer free preventive care to customers starting this year. Free checkups so we can catch preventable diseases.

Starting this year, there will be no more lifetime restricive annual limits on the amount of care you can receive from your insurance companies…

It would change fast: Insurance companies would finally be held accountable to the American people

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The President's support was made official in a statement of administration policy (SAP) sent to Congress as the House considers that legislation in the coming days. Here's the SAP (pdf):

STATEMENT OF ADMINISTRATION POLICY
H.R. 4626 — Health Insurance Industry Fair Competition Act
(Rep. Perriello, D-Virginia, and 65 cosponsors)

The Administration strongly supports House passage of H.R. 4626. The repeal of the antitrust exemption in the McCarran-Ferguson Act as it applies to the health insurance industry would give American families and businesses, big and small, more control over their own health care choices by promoting greater insurance competition. The repeal also will outlaw existing, anti-competitive health insurance practices like price fixing, bid rigging, and market allocation that drive up costs for all Americans. Health insurance reform should be built on a strong commitment to competition in all health care markets, including health insurance. This bill will benefit the American health care consumer by ensuring that competition has a prominent role in reforming health insurance markets throughout the Nation.