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Health care law results in $2.4 billion in consumer rebates on premiums since 2011

(Centers for Medicare & Medicaid Services) The Centers for Medicare & Medicaid Services (CMS) released a new report … showing that consumers have received more than $2.4 billion premium rebates  since 2011 because the Affordable Care Act requires that health insurance companies spend at least 80 percent of premium dollars on health care.  For 2014 alone, over 5.5 million consumers received nearly $470 million in rebates, for an average of $129 per family. Those rebates are in addition to improvements in quality and affordability savings consumers have received as the share of insurance companies in compliance with the requirements has increased.
“Thanks to the Affordable Care Act, there are now programs in place to give consumers maximum value for their premium dollar,” said Kevin Counihan, CEO of the Health Insurance Marketplace.  “We are pleased that the tools created under the health care law are working as intended to give consumers access to high-quality health insurance coverage and keep cost affordable.”…
[The newly announced] results show that an increasing number of consumers are in plans where they are receiving more value for their premium dollars up front because their premium rates were set to reasonably reflect insurers’ spending on medical care and quality improvement activities.
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