HHS: Health law saved consumers $2.1 billion on premiums

Federal health officials touted the Affordable Care Act for saving consumers billions on their insurance premiums.

The figure — $2.1 billion saved since September 2011 — came from a Department of Health and Human Services (HHS) report released Tuesday.

In a statement, HHS Secretary Kathleen Sebelius attributed the savings to rules within the healthcare law that prevent insurers from raising rates "with no accountability or transparency." 

The $2.1 billion figure also includes savings from the law's "medical loss ratio," which mandates that insurers spend no less than 80 percent of premiums on care rather than administrative costs.

"The health care law is holding insurance companies accountable and saving billions of dollars for families across the country," Sebelius stated.

"Thanks to the law, our health care system is more transparent and more competitive, and that’s saving Americans real money."

HHS consistently touts popular provisions of the Affordable Care Act, releasing new figures on consumer savings every few weeks. But opinion remains divided, making the law a central issue in the 2012 presidential race.

In its report, HHS said that insurers will rebate roughly $1.1 billion to policyholders as a result of the 80/20 rule and that the rebates will average $151.

The rate review standards mean that in every state, insurers must publicly submit and justify bids to raise rates by 10 percent or more, HHS said.

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