(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:
U.S. Representative 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.