Oops- Obamacare saved consumers nearly $4 billion in 2012

[malaise]

http://www.examiner.com/article/obamacare-saved-consumers-nearly-4-billion-2012
<snip>
A provision of the Affordable Care Act (Obamacare) that requires insurers limit administrative costs to 20 percent of collected premiums saved consumers $3.9 billion last year, the Department of Health and Human Services (HHS) reports in a June 20 press statement. Under the “80/20” rule, health insurance companies must reveal how much of premium dollars are actually spent on health care. In the past, companies were not required to divulge this information.

“The health care law is providing consumers value for their premium dollars and ensuring the money they pay every month to insurance companies goes toward patient care,” HHS Secretary Kathleen Sebelius said. “Thanks to the law, 8.5 million Americans will receive $500 million back in their pockets and purses.”

Insurers that spend more than 20 percent of premiums on administration and profits must rebate the difference to consumers. Large group policies, such as those held by large companies, must limit administrative costs to 15 percent of premiums. Rebates must be paid by Aug. 1 each year, and issued as a rebate check in the mail, a lump-sum reimbursement to the same account that was used to pay the premium, or a direct reduction in future premiums.
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Go fugg yourselves ReTHUGs then take yours meds

[Life Long Dem]

1. Adds up fast

On average $151 rebate per family.

[liberal_at_heart]

2. That will go a long way in alleviating my $925/month premium.

[dawg]

3. If we can hold the ACA together and prevent it from being sabotaged ...

it will make things better for lots of people. It isn't a panacea, and lots of improvements still need to be made. But it is a step in the right direction.

[malaise]

4. It is better than the previous situation and it will grow from strength to strength