Pelosi: Obamacare Will Put ‘Money Back in the Pockets of Consumers’

August 2, 2013 - 5:16 PM

Nancy Pelosi

House Minority Leader Nancy Pelosi (D.-Calif.) (AP Photo)

(CNSNews.com) – Touting what she called the financial benefits of the Affordable Care Act, House Minority Leader Nancy Pelosi (D-Calif.) told reporters that working families will be better off when the law begins to be implemented in October.

“With this landmark law in place, we will be holding insurance companies accountable, we will be enhancing patients’ rights, putting money back in the pockets of consumers with the medical loss ratio, and reducing the cost and strengthening the economic and financial and health security of working families,” Pelosi said at her weekly news briefing on Capitol Hill Friday.

“Because of the law, in the coming months Americans will have expanded choices and more affordable care,” Pelosi continued, also confirming that “members of Congress will be in the exchanges.”

CNSNews previously reported on a speech President Obama gave in July in which he highlighted the rebates that will be sent to individuals by insurance companies that don’t meet federal requirements to “spend at least 80 percent of every dollar paid in premiums on health care.”

“Another $8.5 [million] rebates are being sent out this summer, averaging around 100 bucks each,” Obama said.

However, the financial benefits of these rebates will be negated by rising health care premiums, according to an analysis by the Kaiser Family Foundation. A Kaiser press release notes that a typical family’s health care premiums rose $1,975 on average since 2010, when Obamacare was signed into law.

“This year’s premium increase is moderate by historical standards, but outpaced the growth in workers’ wages (1.7 percent) and general inflation (2.3 percent). Since 2002, premiums have increased 97 percent, three times as fast as wages (33 percent) and inflation (28 percent),” the press release stated.

The foundation also noted that “workers at lower-wage firms on average pay $1,000 more each year out of their paychecks for family coverage than workers at higher-wage firms ($4,977 and $3,968, respectively).”