Obamacare "doing what it's designed to do," president says
Acknowledging there will be "glitches" in the ongoing rollout of the Affordable Care Act, President Obama on Thursday brought Obamacare supporters to the White House to stress that the law is already saving consumers money.
Obamacare, the president said, is "doing what it's designed to do -- deliver more choices, better benefits, a check on rising costs."
Because of a provision of the health law already in effect, health insurance companies are required to spend at least 80 percent of what consumers pay in premiums on health care expenses, rather than profits or overhead. The "medical loss ratio" rule has saved more than 77 million people as much $3.4 billion up front on their premiums. On top of that, 8.5 million consumers are receiving rebates averaging about $100 per family.
"If [insurance companies] are not spending your premium dollars on your health care, at least 80 percent of it, they've got to give you some money back," Mr. Obama explained.
He added, "I bet if you took a poll, most folks wouldn't know when this check comes in it's because of Obamacare."
In fact, an August 2012 poll from the nonpartisan Kaiser Family Foundation found that 42 percent of Americans were aware the medical loss ratio is part of the health care law. As many as 62 percent of Americans said they approved of the idea of requiring insurance companies to spend at certain percentage of premiums on actual health care.