The Hill: HHS: ObamaCare provision saved consumers $1.2 billion

By Sam Baker 

  
 

Consumers have saved $1.2 billion because of provisions in ObamaCare that strengthen oversight of insurance premiums, the administration said Thursday.  

The healthcare law provided $250 million in grants to help states bolster their review of insurers’ rates. It also gave the federal government the power to review certain premium increases but not the power to stop them from taking effect. 

Those rate review provisions have lowered premiums by $1.2 billion since they took effect in 2011, the Health and Human Services Department said in a report Thursday.

“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,” HHS Secretary Kathleen Sebelius said in a statement.

The administration has previously touted savings from other provisions of the healthcare law. A policy that governs how insurers spend their premiums has saved consumers nearly $5 billion, HHS said in June.

Read more: http://thehill.com/blogs/healthwatch/health-reform-implementation/321893-hhs-obamacare-provision-has-saved-consumers-12-billion#ixzz2eo0VcezP 

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