facebook
twitter
rss
account
search
search
 

HHS: Rate review part of Obamacare has saved policy holders $1B

Sept. 12, 2013 at 11:19 PM   |   Comments

| License Photo
WASHINGTON, Sept. 12 (UPI) -- The Affordable Care Act has saved more than $1 billion by requiring health insurance companies to justify large premium increases, U.S. officials said Thursday.

The rate review provisions of the act, popularly known as Obamacare, took effect Sept. 1, 2011. Those require reviews of every increase in premiums of 10 percent or more with states getting grants to help them implement the system.

The Department of Health and Human Services in a statement Thursday said holders of individual and small group policies have saved $1.2 billion because of the reviews.

"Thanks to the health care law, we are seeing that holding insurance companies accountable is leading to increased competition and saving billions of dollars for consumers across the country," Secretary Kathleen Sebelius said. "This type of competition and transparency will continue in the Health Insurance Marketplace, or Exchanges, where Americans will be able to shop for and compare plans side-by-side to find the one that fits their needs and budget."

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
To breakfast or not to breakfast? That is the question...
2
India asks Pepsi to cut down on sugar in its soft drinks
3
New data shows Melbourne is most well-rested city in the world
4
Daughters more likely than sons to care for elder parents
5
Yoga guru BKS Iyengar dies at 95
Trending News
Video
x
Feedback