HHS: Health reform has saved consumers billions

By BenefitsPro


By Kathryn Mayer

The Obama administration said Tuesday that consumers have saved billions on premiums because of the Patient Protection and Affordable Care Act.

According to a Department of Health and Human Services report, the law’s savings equal $2.1 billion.

New rate review rules have saved consumers about $1 billion while the law’s medical loss ratio rule—which is delivering rebates to some 13 million consumers—is responsible for saving another $1.1 billion, the HHS says.

“The health care law is holding insurance companies accountable and saving billions of dollars for families across the country,” Secretary Kathleen Sebelius said in a statement. “Thanks to the law, our health care system is more transparent and more competitive, and that’s saving Americans real money.”

The report was released the same day as a huge employer survey by Kaiser Family Foundation and the Health Research & Educational Trust that found that annual premiums for job-based family health plans went up only 4 percent this year. Still, premiums for those plans averaged $15,745, with employees paying more than $4,300 of that.

Though the administration keeps pointing out the popular provisions of the law, poll after poll shows the public still remains divided on their opinion of health reform.

Originally published on BenefitsPro.com