$1.5 Billion Saved By ‘Obamacare’

In National News, News

A new analysis has revealed that Obamacare has saved consumers $1.5 billion in 2011 as a result of limiting what insurance companies can spend on expenses unrelated to medical care, according to the Los Angeles Times.

An estimated $1.1 billion alone came in rebates to consumers, which were required because insurers exceeded their required limits.

Studies have shown that the Affordable Care Act also aided in this as it forced insurers to become more efficient by limiting administrative expenses. Some insurers passed savings directly to consumers, by providing lower premiums and higher spending on medical care.

Important consumer benefits have appeared and administrative costs in the individual market have dropped in 39 states, with insurers in 37 states spending relatively more of their customer’s premiums on medical care.

Those who received health insurance through employment saw fewer benefits, as insurers believed they had already met requirements, but some were made to pay rebates.

Consumer advocates continue to push health insurance companies to step up their regulation.

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