ObamaCare and Al Franken Saved Nearly 80 Million Families $3.4 Billion on Premiums

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Senator Al Franken released figures today highlighting more benefits of ObamaCare, including Franken’s own rule that if insurance companies don’t meet the new standards established by the ACA, they have to send consumers a rebate. “In 2012, more than 9,000 consumers in Minnesota benefited from an average rebate of approximately $300 per family,” Franken’s office said in a statement.

Where’s that money coming from? CEO salaries, marketing, administrative costs, and profits are a few of the sources. Franken’s rule forces insurance companies to spend “at least 80-85 percent of premium dollars on medical care and efforts to improve the quality of care, instead of things like marketing and CEO salaries.”

Here’s the real kicker in Franken’s Medical Loss Ratio provision, per Franken’s figures:

In 2012, nearly 80 million families saved $3.4 billion upfront on their premiums because of Sen. Franken’s rule, along with other ACA programs. And insurers sent 8.5 million enrollees an average rebate of approximately $100 per family.

“Minnesotans’ health care premium dollars shouldn’t be spent on marketing or huge bonuses for executives—they should go toward paying for actual health care,” said Sen. Franken. “Making sure we keep the cost of health care in check has been a top priority of mine since coming to the Senate. I’m very pleased that so many people in Minnesota and across the country are benefiting from the cost-saving measure I authored.”

We are all making sacrifices, eh insurance executives? Now you know why the insurance industry has spent so much money — and is still spending so much money — opposing ObamaCare and being quoted as a nonpartisan source criticizing ObamaCare. (The media was very impressed with the “concerns” of the insurance company lobbyists.)

It’s about time that someone looked out for the people – and that is precisely what ObamaCare does. It is not perfect – but it is good, it is necessary, it is the law, and it is something Democrats should be proud of.

Sarah Jones

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