News: Press Releases
(WASHINGTON) – Today, the Department of Health and Human Services (HHS) released a report finding that individuals in Michigan who selected Silver Plans - the most popular plan under the Affordable Care Act - with tax credits paid an average premium of $87 per month. In Michigan, 62% of enrollees who selected Affordable Care Act plans with tax credits had premiums of $100 per month or less, and 39% paid $50 per month or less after tax credits. After the report was made public, Representative John Conyers, Jr. (D-Mich.) issued the following statement:
“With the release of a report from the Department of Health and Human Services (HHS) checking up on the Affordable Care Act (ACA), we have further evidence that healthcare reform is working, and saving Americans hundreds of dollars on their premiums. In Michigan alone, an individual who purchased a Silver Plan – the most popular option – paid an average premium of $87 each month with tax credits. Millions of Americans who were previously unable to obtain health insurance are now able to take comfort in the security that comprehensive coverage affords,” said Conyers.
“According to the HHS report, the average monthly premium for Michiganders dropped by 72% - from $342 to $97 per month - for those who selected plans with tax credits. The report highlights that reforms in the Affordable Care Act have saved consumers nearly $1.2 billion in 2012, and details how the number of requests by insurance companies for double-digit rate increases has been cut by more than half. In addition, as health insurance companies are now required to spend 80 cents or more per premium dollar on healthcare or provide consumers a refund, more than 222,000 Michiganders have received a total of $18,609,800 in refunds.
“The Affordable Care Act’s passage was historic, and the results are in: healthcare reform has reduced costs and increased healthcare access to all. As the calls ‘repeal and replace’ wane, I look forward to working with my colleagues in Congress to bolster the Affordable Care Act’s protections and work towards truly universal healthcare.”
To read the HHS report online, visit: http://aspe.hhs.gov/health/reports/2014/Premiums/2014MktPlacePremBrf.pdf