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.