English: President Barack Obama’s signature on the health insurance reform bill at the White House, March 23, 2010. The President signed the bill with 22 different pens. (Photo credit: Wikipedia)
Americans who bought individual health plans in 2012 saved $2.1 billion thanks to Obamacare consumer protections that limit how much insurers can profit off of Americans’ premiums, according to a new study by the Kaiser Family Foundation (KFF). The vast majority of those savings stem from individual health plan providerslowering the premiums they charge Americans in an effort to comply with the reform law.
The Kaiser study comes shortly after several major California insurers announced that they would have to pay back $36 million to small businesses and their employees after charging them too much. Obamacare mandates that insurers on the individual market spend at least 80 percent of the premiums they charge on actual medical services, or reimburse the amount they overspent to their customers.
Insurers Aren’t Just Giving Out Rebate Checks Because Of Obamacare — They’re Lowering Premiums, Too | ThinkProgress.