Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today on President Obama’s remarks discussing how the Affordable Care Act is putting money back in the pockets of the middle class. The law requires insurance companies to spend at least 80 percent of premium dollars on patient care and quality improvement, rather than profits, CEO pay, and administrative costs. As a result, nearly 13 million Americans received refunds last August and 8.5 million Americans will receive half-a-billion dollars in refunds this coming August.
“Today, President Obama reiterated a basic message: the Affordable Care Act is working for the middle class. With this landmark law in place, we are holding insurers accountable and putting money back in the pockets of America’s patients. We are reducing costs and strengthening the economic security of working families.
“When Congress passed the Affordable Care Act, Democrats insisted on steps to improve the quality and affordability of health insurance nationwide. With the leadership of Congressman John Tierney, Democrats acted to ensure that Americans’ premium dollars are invested where they will do the most good – in the care of patients, not in the bottom lines of insurance companies. Today, a new report showed that competition will lower premiums by nearly 20 percent in the new health insurance marketplaces – more evidence that the law is a victory for the American people.
“As House Republicans spent this week voting for the 38th time to repeal all or part of the Affordable Care Act, Democrats are working with local businesses and families to make the law’s implementation a success. Through our efforts, in the coming months, Americans will benefit from better patient protections, expanded choices, and more affordable care.”