President Obama to Deliver Remarks on the Affordable Care Act
WASHINGTON, DC – On Thursday, July 18th, President Obama will deliver remarks at the White House to discuss how the Affordable Care Act is holding insurance companies accountable and putting money back into the pockets of over 8.5 million Americans.
Under the ACA, insurance companies are required to spend at least 80 percent of premium dollars on medical care and health care quality improvement, rather than on administrative costs. If they don’t, the insurance companies must provide a rebate to their customers. As a result of this provision, 8.5 million consumers nationwide will receive half a billion dollars in rebates this summer, with an average rebate of around $100 per family. This new standard and other ACA policies together helped consumers save approximately $3.9 billion on premiums in 2012.