Today is the one-year anniversary of President Obama’s health care reform law. Despite threats to repeal the law, Illinois’ top insurance regulator said people are better protected and covered under the law.
After one year of being in effect the law has managed to round up plenty of support but also plenty of disdain.
At an event hosted by the St. Louis Business Journal Monday at the Missouri Botanical Garden, speakers with the Missouri Foundation of Health reported that the majority of Missourians still don’t understand the law and how it effects them individually. Statistics used in Monday’s panel discussion showed some 50 percent of Missourians polled didn’t support the law.
The speakers suggested that misunderstanding of the law has bolstered such discontent.
Even with that statistic in mind, Illinois’ top insurance regulator argued that consumers are better off thanks to the law.
Insurance Department Director Michael McRaith said more consumers will receive rebates, which might prove to be a burden for small insurance providers.
Under the health reform law, insurers are required to spend 80 to 85 percent of premiums on health coverage.
McRaith says this requirement could prove difficult for some insurers selling to individuals. He also predicts up to 25 percent of small group policyholders and 20 percent of Illinois policy holders in the individual market will receive rebates.
To learn more about how the health care reforms effect you check out Covermissouri.org