(DETROIT) – Last week, the Department of Health and Human Services (HHS) released new findings on the effects of the Affordable Care Act and money saved by healthcare consumers. In response to the announcement, Ranking Member John Conyers, Jr. (D-Mich.) issued the following statement:
John Conyers, Jr.
“As Congress and the Department of Health and Human Services work to implement the Affordable Care Act, communities across the country are already seeing the benefits of this historic reform to our healthcare system. In Michigan, residents can expect to benefit from almost $19 million in insurance rebates this summer alone,” said Conyers.
“Healthcare reform has already saved consumers $3.9 billion in premiums since 2012, a marked improvement in healthcare affordability. This is encouraging news; the project of healthcare reform has been long in the making, and these premiums savings demonstrate how the Affordable Care Act is moving our healthcare system in the right direction.
“An additional example of meaningful reform can be seen in the new Medical Costs Ratio Standard, or 80/20 rule, which requires insurance companies to devote 80 cents of every dollar to improved quality of patient care. In doing so, it improves corporate practices, fosters a relationship of trust between companies and their patients, and raises the general standard of treatment within the health insurance industry. The results of the 80/20 rule are already promising; the HHS confirms that insurance companies have devoted increased premium amounts to patient care since 2011. In fact, increased efficiency among insurance companies has saved 77.8 million consumers over $3 million dollars in premiums up front, as well as more than $18 million in rebates for Michigan families alone.