I thank the Chairman for holding this hearing on the Affordable Care Act. We are always pleased to discuss our landmark health care reform law, which will expand health coverage to 27 million Americans.
The last time the Oversight Subcommittee reviewed the tax provisions of this law was in September of 2012. Since enacted, the Affordable Care Act has helped millions of Americans. For example, the Affordable Care Act has protected over 17 million children with pre-existing conditions who can no longer be denied health coverage and more than six million young adults who have health insurance through their parents’ health plans until age 26.
As another example, the health care law requires insurance companies to spend a certain amount of the premiums they collect on medical care. As a result, about 13 million Americans received more than $1 billion in rebate payments last year from insurance plans that failed to spend enough on benefits. Because of positive reforms like these, as we move forward, we must ensure that we act with all deliberate speed to implement the Affordable Care Act.
I note that this hearing focuses on provisions that impose taxes on industries that benefit from the law and wealthy Americans. This one-sided view does not examine other provisions in the law that deliver hundreds of billions of dollars of Federal tax credits to millions of American families and small businesses. These tax credits and cost-sharing subsidies will make health insurance affordable for millions of middle-class Americans and families. Countless others now have peace-of-mind, knowing they are not just one step away from losing their health insurance when it is needed most.
I am confident that the tax provisions of the Affordable Care Act will be carried out on schedule. Today, I look forward to learning where we are in the process and the issues that remain. I thank the witnesses for their testimony and recommendations.
