WASHINGTON — Disputing Republican criticism of his health care plan, President Barack Obama said Thursday the law is working and cutting costs for consumers with insurance company rebates and the promise of lower premiums.
At a White House event, Obama drew attention to $500 million in rebates going to nearly 9 million people under a provision of the law he said is holding insurance companies more accountable to their customers.
Insurers must spend at least 80 cents of every dollar on medical care or quality improvement, or refund the difference. That's the $500 million consumers are getting in rebates averaging about $100. For Americans who get insurance through their work, the rebates go to their employers to be refunded or used to lower premiums.
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