Speaker Nancy Pelosi released the following statement today on regulations under the Affordable Care Act now being implemented by the Department of Health and Human Services. The "Medical Loss Ratio" provisions issued today require health insurers to spend 80 to 85 percent of consumers' premiums on direct care for patients and efforts to improve care quality:
"Today, we take a major step forward to ensure consumers more value for their health care dollars, increasing transparency and requiring health insurers to spend 80 to 85 percent of consumers' premiums on direct care for patients and efforts to improve care quality. If they don't, the insurance companies will be required to provide a rebate to their customers starting in 2012.
"This action builds on the Patient's Bill of Rights, an essential component of health insurance reform, which breaks the stranglehold insurance companies have had over our health care decisions and puts power into the hands of the American people, where it belongs. Democrats will always protect the progress we have made for our nation, especially health care reform."