Healthcare costs are crippling hardworking people and are forcing employers to drop healthcare coverage, or worse go out of business. President Obama’s healthcare legislation has had a negative impact on many families across New York with skyrocketing premiums and deductibles leaving them with unaffordable insurance.

We have worked in a bipartisan manner, as co-chair of the Problem Solvers Caucus, to develop a fix to stabilize the individual market. This legislation fully funds cost-sharing reduction payments, creates a stability fund to help states reduce premiums and limit losses for providing coverage, and provides guidelines for states trying to innovate on the exchange and enter into regional compacts. It further raises the threshold for small businesses and reduces the burden on consumers by removing the medical device tax. These fixes will provide immediate relief and stabilize the individual market. But this is just the beginning, Washington must address the elephant in the room: cost.

We need more patient-centered solutions to our ever growing health care challenges. Without changes, healthcare costs, including Medicaid and Medicare will continue to balloon out of control and take a larger share of our budget.