Marking Two Years of the Affordable Care Act: Sen. Carper Highlights How Health Care Reform Has Lowered the Cost of Care
WASHINGTON – In anticipation of the two year anniversary of the Affordable Care Act becoming law, Sen. Tom Carper (D-Del.), a member of the Senate Finance Committee who helped strengthen the health care reform legislation in the Senate, highlighted how the law reduces health care costs for Delawareans and all Americans.
“Central to the Affordable Care Act is the goal of achieving better health care outcomes for less money,” said Sen. Carper. “From lowering the cost of prescription drugs to preventive screenings, from patient-centered medical homes to small business tax credits, the Affordable Care Act is improving the quality of our health care system and cutting health care costs for Delawareans and all Americans while reducing the overwhelming strain that health care costs put on our nation’s budget. Beginning in 2014, the law will reduce costs even further. As a result of the Affordable Care Act, individuals and small businesses will be able to compare and shop for insurance plans in an online marketplace, known as an Affordable Insurance Exchange, where they can enroll in a health plan that meets their health and financial needs. By shifting from a health care system that is focused on the quantity of care provided and towards a system focused on improving health outcomes and increasing the quality of our health care system, we lower costs for everyone.”
Delivering Better Results for Less Money: How the Affordable Care Act Lowers Costs
- The Affordable Care Act has provided qualified small businesses with tax credits that represent up to 35 percent of the cost of providing insurance coverage to their employers.
- Seniors who now enter the Medicare Part D coverage gap – or “doughnut hole” – will get a 50 percent discount on brand-name drugs and a 7 percent discount on generic drugs.
- Thanks to the Affordable Care Act, 16,924 Delaware seniors have saved over $13 million on prescription drugs.
- 150,000 Medicare beneficiaries in Delaware can now receive preventive screenings and tests – like mammograms and colonoscopies – as well as an annual checkup, without paying coinsurance or deductibles.
- 54 million Americans with private health insurance gained preventive service coverage with no cost-sharing, including 163,000 in Delaware.
- Under the new health care law, insurance companies must provide consumers greater value by spending generally at least 80 percent of premium dollars on health care and quality improvements instead of overhead, executive salaries or marketing.
- Starting in 2014, state and national insurance exchanges will allow individuals and small businesses to compare and shop for an insurance plan in an online marketplace that is simple and easy to navigate and enroll in a health plan that meets their needs – physically and financially.