The Patient Protection and Affordable Care Act's rules regulating carriers may have not have benefited the health insurance industry but they've yielded nearly $3 billion in savings to consumers in the last two years, the Obama administration said.
The Department of Health and Human Services said rules under the law that crack down on carriers, including the medical loss ratio provision and rate reviews, has saved policyholders a total of $2.8 billion between 2012 and 2013.
The agency said rate reviews — the process by which state regulators veto health insurance premium increases that they consider excessive — have saved individuals and families $290 million, and $703 million for small employers in 2013 alone.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
