HARTFORD — Connecticut Health Care For America Now released a study Thursday that spotlights how private health insurance companies “waste premiums.”

Health Care for America Now is comprised of more than 1,000 organizations representing more than 30 million people nationwide.

Connecticut HCAN supports the “Ensuring Value for Premiums” amendment to health care reform legislation pending in the U.S. Senate. The legislation, introduced Dec. 4 by U.S. Sen. Al Franken, D-Minn., requires private insurance companies to spend 90 percent of their revenue from premiums on health care-related costs. The remaining 10 percent of the premium would be used to build in overhead, profits and other non-medical payout charges.

Private health insurance companies spend, on average, 81 percent of their premium revenues on health care-related costs. In Connecticut, one company, Wellpoint, spends 83.6 percent of premium dollars on care.

By comparison, Medicare spends almost 98 percent of its premium revenues on health care-related costs.