that there's no doubt that there are some terrific insurance plans out there and
companies that try to do the right thing by their customers, that have good
networks and they’re prioritizing, providing good care. There’s some that don't
do a great job. One of the things in the Affordable Care Act that we did was
put together all these consumer protections that apply to everybody. I
mentioned some of them. Making sure that, you know, your child can stay on your
plan until they hit their 26thbirthday.Three million young people now benefit
because of that provision. Making sure that there aren’t lifetime limits.
Making sure that you can't be barred from getting health insurance because of a
preexisting condition. Those are all things that were designed to ensure that
insurance companies do a little bit better by their customers.
provision that was in the Affordable Care Act says that insurance companies now
have to spend 80% of the premium that you pay on actual health care as opposed to
administrative cost and CEO salaries. And if they don't do that, at the end of
the year, they send you a rebate. And, in fact, several billion dollars in
checks have already been sent out in rebates. People may have gotten those
checks and not known that was because of the Affordable Care Act, but it was.
But, you know, what is true is, is that, as long as you've got a private
insurance plan, then there are going to be some decisions that those insurers
make about who's in the network, what their costs are, what their co-pays are, that
may not satisfy everybody. There are other countries, like Canada, that have a
single payer plan, and by definition, every doctor and every hospital is part
of that network. If you're part of Medicare, you have a very broad choice just
because it's such a huge program that almost every doctor and hospital has to
be part of that network if they want to have a lot of customers.
that as the Affordable Care Act grows and more and more people are signing up,
that you may see insurance companies starting to add more doctors to the
networks, putting more options on the table, but keep in mind that, what this
is really designed for is not to replace people who have got a good deal
through their employers. What it's really designed to do is to deal with the 40
million people or so who don’t have health insurance at all. Or, people who are
in the individual marketplace, they’re not getting it through their employer
and so don't have a lot of leverage and may not be getting a good deal through
their health insurance companies because they really don’t have the ability as part
of a group to negotiate a better package. And I think what you'll find is, is
that the private insurance that’s available on healthcare.gov is going to be as
good or better as what you could get outside of the Affordable Care Act. And,
when you add the tax credits or subsidies that you may qualify for, it's going to
be a really good deal for a lot of people. And I get a bunch of letters every
single day with folks saying, "I saved $200.""I saved $500 a month.
“Small businesses who say, "I’m saving tens of thousands of dollars
covering my small group of employees. “And what I really want to just urge
everybody to do is check it out for yourself. Go to healthcare.gov --the
website's working --see what options are available for you.
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