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Making Care More Affordable

Making Care More Affordable

The health care law is bringing down health care costs and making sure health care dollars are spent wisely.

• 80/20 Rule: The health insurance companies of 76 million Americans now have to meet the 80/20 rule, or Medical Loss Ratio, where they must spend at least 80 cents of your premium dollar on your health care or improvements to care. If they fail to meet this standard, they must provide a rebate to their customers. Already, the 80/20 rule is helping deliver rebates worth $1.1 billion to nearly 13 million consumers – an average rebate of $151 per household.

• Reviewing premium increases: For the first time ever in every State, insurance companies must publicly justify any rate increase of 10% or more. And the law gives States new resources to review and block these premium hikes. To date, rate review has helped save an estimated $1 billion for Americans and 42 States have used their rate review grant funds to make the rate review process stronger and more transparent. Since this rule was implemented, the number of requests for insurance premium increases of 10% or more has dropped dramatically, from 75% to 14%. The average premium increase for all rates in 2012 was 30% below what it was in 2010 this slowdown has continued into 2013.

• Small business tax credits: Small businesses have long paid a higher price for health insurance – often 18% more than larger employers. Tax credits for small businesses will benefit an estimated two million workers who get their insurance from an estimated 360,000 small employers who received the credit in 2011. In 2014, small business owners will get more relief with tax credits and affordable insurance choices in the new competitive health insurance marketplace in every State.

• Supporting early retiree coverage: The Early Retiree Reinsurance Program (ERRP) has provided $5 billion in reinsurance payments to employers so they can continue to provide benefits to their retired workers who are not yet eligible for Medicare. This program has reduced premiums or cost sharing for at least 19 million early retirees, workers, their spouses, surviving spouses and dependents.

• http://www.healthcare.gov/law/information-for-you/benefits.html

 

 

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Click the above logo to be taken to an interview of Adria Gross by CBS news

CBS network logo

Click the above logo to be taken to an interview of Adria Gross by CBS news

Healthwatch New York with Angie Kristic, Part 1
Healthwatch New York with Angie Kristic, Part 2
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Medwise Insurance Advocacy Founder Adria Gross: Featured Speaker At 92nd St Y In New York City In March

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My name is Bianey Paramo and I would just like to take the time to say how thankful my family and I are to Adria Gross for helping us resolve a very big hospital bill above $23,000. I have four children and my husband is the only one who works and it worried us on how we were going to pay the amount. I thank God for meeting Adria Gross and all of her hard work in turning $23,000 to just $600. I hope God sends her many blessings and helps her to keep helping people that are in the same situation we were in, because without her we wouldn't have solved this problem.