CORRECTED - UPDATE 1-US health insurers discuss $100 bln savings
(Corrects hospital sector cuts to $155 billion in second paragraph, instead of $255 billion)
* Discussions focus on Medicare Advantage programs
* W.House also said looking to device makers for savings (Adds background, byline)
By Kim Dixon
WASHINGTON, July 13 (Reuters) - U.S. health insurers are in talks with the Senate Finance Committee to reach savings in the the federal Medicare program of $100 billion over a decade, a source familiar with the talks said on Monday.
As Congress and the White House work on legislation to overhaul the U.S. health industry, health insurers are under pressure to come up with savings to follow commitments made by pharmaceutical industry for savings of $80 billion and the hospital sector for cuts of $155 billion over a decade.
The discussions focus on subsidies for Medicare beneficiaries who get their coverage through private Medicare Advantage programs. These plans receive subsidies at a cost greater than through traditional Medicare programs.
The White House is also now looking to medical device makers for savings to help pay for healthcare reforms, according to Bernstein Research analysts. The administration was said to be seeking as much as $60 billion over 10 years, possibly through a rebate mechanism, in initial negotiations, the analysts said in a research note.
The Advanced Medical Technology Association, which represents makers of heart pacemakers, artificial hips, diagnostic imaging and other devices, is "working constructively with the White House and leaders on Capitol Hill" to help achieve healthcare reform, spokesman Michael McGarry said.
President Barack Obama and Congress are working to overhaul health care and expand insurance coverage to many of the 46 million uninsured Americans, but they have been struggling to find ways to pay for the estimated $1 trillion price tag of the program. (Reporting by Kim Dixon; Editing by Tim Dobbyn)
