Because of the Affordable Care Act, the 85 percent of Americans who have insurance have more choices and stronger coverage than ever before. And for the 15 percent of Americans who don’t have insurance, or families and small businesses who buy their coverage but aren’t happy with it, a new day is just around the corner.
Soon, we take a critical step forward when a new online Health Insurance Marketplace will provide millions of families and small businesses who currently don’t have insurance, or are looking for a better deal, a new way to find health coverage that fits their needs and their budgets.
Open enrollment in the Marketplace starts October 1, with coverage starting as soon as January 1, 2014. But families and small business can visit HealthCare.gov right now to find the information they need prepare for open enrollment.
- Health insurance companies now have to spend at least 80 cents of your premium dollar on health care or improvements to care, or provide you a refund. In 2012, 8.5 million consumers received half a billion dollars in refunds – with the average consumer receiving a refund of around $100 per family. Moreover, 77.8 million consumers saved $3.4 billion up front on their premiums as insurance companies operated more efficiently as compared to 2011.
A Stronger Medicare Program
- The Affordable Care Act is closing the gap in drug coverage known as the “donut hole.” Since the enactment of the law, over 6.6 million Americans with Medicare who reached the donut hole have saved a total of over $7 billion on prescription drugs, or an average of $1,061 per person. The average person with Medicare will save approximately $5,000 from 2010 to 2022, while those with high prescription drug costs will save much more – as much as $18,000 over the same period.