Stephanie Young, 202-225-3130
WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today on health insurance premium regulations under the Affordable Care Act. Because of the health care law, insurance companies must spend 80% - or 85% in the large group market - of premiums on health care and efforts to improve quality of care, and companies must post and validate rate increases of 10% or more:
“Thanks to new standards established under the Affordable Care Act, Americans are receiving better value from their premium dollars, and insurance companies who fail to meet these new standards must send consumers a rebate. Nearly 80 million Americans have saved $3.4 billion upfront on their premiums because of this rule and other parts of the Affordable Care Act in 2012 alone. Additionally, insurers sent 8.5 million consumers an average rebate of approximately $100 per family this year.
“By making sure insurance companies are spending premium dollars on health care, the Affordable Care Act is continuing to empower consumers. Rather than focusing on dismantling the important patient protections and cost-saving reforms of the Affordable Care Act, Republicans ought to work with Democrats to implement this law so that millions of Americans can continue to experience its many benefits.”