Today, we got some good news when the official statistics for health care spending were released. The new statistics from the Office of the Actuary at the Centers for Medicare & Medicaid Services show that health care spending growth in 2009 and 2010 decreased to record lows.
The Affordable Care Act was signed into law by President Obama on March 23, 2010. These numbers do not take into account all of the cost saving provisions in the Affordable Care Act that are still being implemented. But they do show why the Affordable Care Act is so important. And we’re confident the law will continue to help hold down cost growth in the years ahead. Here are some important facts to remember if you’re looking at the new stats:
Keeping health care costs down will take work. We will continue to test and adopt best practices that lower costs and improve quality through the Affordable Care Act’s Innovation Center. We will increase transparency and accountability in the insurance industry this year through the implementation of simple summaries of coverage and benefits by insurers, improved notices on the 80 / 20 medical loss ratio, and State-specific thresholds for rate review. And we will step up our work with States to create Affordable Insurance Exchanges, competitive private insurance marketplaces. But thanks to the Affordable Care Act, we’re keeping costs down and making health care more affordable.