Math is hard (for Obama).
(CNSNews.com) – One day after 22 House Democrats joined Republicans in voting to delay Obamacare’s individual mandate, President Obama used his bully pulpit to tout the law’s benefits as well as the “savings” already resulting from the Affordable Care Act.
In a speech at the White House Thursday, the president explained that because of the Affordable Care Act, insurance companies must spend at least 80 percent of every dollar paid in premiums on health care. Those that don’t meet that requirement must send their customers refunds.
“Last year, millions of Americans opened letters from their insurance companies — but instead of the usual dread that comes from getting a bill — they were pleasantly surprised with a check,” Obama said. “In 2012, 13 million rebates went out, in all 50 states. Another 8.5 [million] rebates are being sent out this summer, averaging around 100 bucks each.” […]
According to the Kaiser Family Foundation, health care premiums for the average family cost $15,745 in 2012 -– an increase of $1,975 from the $13,770 they cost in 2010, the year President Obama signed the Affordable Care Act into law. Employees pick up some, but not all, of that cost.