Does HR3200 Ban Private Health Insurance?

Gateway Pundit,quoting Investor's Business Daily, seems to think so.

It's Not An Option

By INVESTOR'S BUSINESS DAILY
Posted Wednesday, July 15, 2009 4:20 PM PT

Congress: It didn't take long to run into an "uh-oh" moment when reading the House's "health care for all Americans" bill. Right there on Page 16 is a provision making individual private medical insurance illegal.

When we first saw the paragraph Tuesday, just after the 1,018-page document was released, we thought we surely must be misreading it. So we sought help from the House Ways and Means Committee.

So, let's see what the offending--excuse me, "allegedly offending" section says:

SEC. 102. PROTECTING THE CHOICE TO KEEP CURRENT COVERAGE.

(a) Grandfathered Health Insurance Coverage Defined- Subject to the succeeding provisions of this section, for purposes of establishing acceptable coverage under this division, the term ‘grandfathered health insurance coverage’ means individual health insurance coverage that is offered and in force and effect before the first day of Y1 if the following conditions are met:

(1) LIMITATION ON NEW ENROLLMENT-

(A) IN GENERAL- Except as provided in this paragraph, the individual health insurance issuer offering such coverage does not enroll any individual in such coverage if the first effective date of coverage is on or after the first day of Y1.

I dunno if that bans private health insurance, but it sure does seem to say "No new insurance."

This just in:
Congressional Budget Office director Douglas Elmendorf says makes matters worse, not better. (WaPo, by way of Yid with Lid and InstaPundit.)