A new report from the Kaiser Family Foundation estimates that 211,930 consumers in Ohio will receive $10,727,574 in rebates solely because of the 80/20 rule. This includes 35 percent of enrollees in the individual market in Ohio for an average rebate of $56 per person. Rebates to consumers will be delivered by August 1. You can read the full report by visiting http://www.kff.org/healthreform/8305.cfm.
And even if you don't you receive a rebate, you may be benefitting from the new rule. Many insurance companies changed the way they do business or lowered their premiums to comply with the 80/20 rule.
The 80/20 rule is just one way the Affordable Care Act is already making a difference. Thanks to the Affordable Care Act:
- 2.5 million more young adults have health insurance on their parent's plan.
- 5.1 million people with Medicare saved an average of $635 on the cost of their prescription drugs. And everyone on Medicare can get preventive services like mammograms for free.
- Insurance companies cannot raise your premiums by 10 percent or more with no accountability.
- It's illegal for insurance companies to deny coverage to children because of a pre-existing condition. And in 2014, discriminating against anyone with a pre-existing condition will be illegal.
While some want to go back to the days when insurance companies could deny your coverage or jack up your rates whenever and however they pleased without any accountability, we are committed to moving forward, implementing the Affordable Care Act and delivering the benefits of reform to the American people.
For more information on the new health care law, go to www.HealthCare.gov.