HHS: Consumers saved $9 billion on coverage thanks to Obamacare

[IronLionZion]

http://blogs.marketwatch.com/health-exchange/2014/07/24/hhs-releases-obamacare-stats-in-wake-of-ruling-that-could-unravel-plan/

One of the more compelling claims made was HHS Secretary Sylvia Burwell’s contention that consumers have saved $9 billion on health-insurance premiums since 2011 because of the Affordable Care Act, with $3.8 billion in savings up front on premiums last year. That’s partly due to a requirement that insurance companies spend at least 80% of premium dollars on patient care and quality improvements.

That requirement was the center of the other bit of news HHS officials had. The agency said 6.8 million consumers nationwide will receive a total of $332.2 million in refunds due to over-billing by insurers whose expenditures on health care did not rise above the 80% level. The total amounts to roughly $80 on average.

HHS also released a list of the insurance companies and how much they will have to pay in excessive premium charges, due to the so-called 80-20 rule. At first glance, it appears the bigger players will pay out more, with Blue Cross/Blue Shield of South Carolina setting the apparent record, giving back $6.5 million in all to individual and small group plans. UnitedHealth Group Inc.’s UNH-0.12% apparently will shell out $5.5 million for small-group and large-group plans in Oklahoma.

One surprising stat is that the state where the largest chunk of refunds will be made isn’t New York or California. It’s Florida, by far. Insurers in the Sunshine State are giving back $41.7 million, more than double that of second-place Maryland’s $17.3 million.

Finally, the department is pointing to a study released late Wednesday by the New England Journal of Medicine that says the percentage of adults that were uninsured declined by roughly a fifth when Obamacare enrollment closed at the end of March. The percentage of uninsured ages 18-64 dropped to 16.3% from 21% in September 2013, just before implementation of the Affordable Care Act.

The medical journal estimates that corresponds to roughly 10.3 million adults gaining coverage either through purchasing Obamacare plans or being added to Medicaid rolls, although that number could range anywhere from 7.3 million to 17.2 million adults.

Awesome sauce

[Journeyman]

1. I save $1,703 a month on premiums alone . . .

That's a personal savings of $11,921 this year alone.

It's still criminal, what the insurance pirates demand, and single payer seems the only viable alternative, but until that comes to pass I'll have to content myself with the incremental changes effected so far. Perhaps, one day, my grandchildren will enjoy the universal health care we should all be enjoying today.

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