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Issac Bailey blog | South Carolinians to receive $13 million in refunds because of health reform; jobless claims drop again

07/24/2014 3:07 PM

07/24/2014 3:09 PM

Some will chalk this up to just more bout of President Obama cheerleading because any good news – no matter how many Americans in general or South Carolinians in particular are helped – some of the president’s harshest, most persistent critics believe he is either evil or incompetent (or both) and can’t be moved by new information that disproves their deeply-held theories about the policies coming out of the White House.

But for everyone else: A provision of the Affordable Care Act was designed to make sure private insurers, who stand to benefit from millions of new customers because of reform, don’t focus too much on profit and executive salaries to the detriment of covering actual health services for their customers. Insurers have to spend at least 80 percent of revenue for such services. When they don’t, they must hand out premium refunds. This year that total is $13 million, or about $92 per person in South Carolina, well above the national average. Americans have saved about $9 billion so far.

Read more here: http://charleston.net/article/20140724/PC16/140729693/1177

And here: http://blogs.marketwatch.com/health-exchange/2014/07/24/hhs-releases-obamacare-stats-in-wake-of-ruling-that-could-unravel-plan/?mod=MW_home_latest_news

In addition to that, a new report confirmed what many others had already found, that the ACA, aka Obamacare, lowered the uninsured rate and has brought health insurance to at least 10 million Americans for the first time.

Read more here: http://www.politico.com/story/2014/07/new-england-journal-of-medicine-report-obamacare-109304.html

Americans are still signing up for coverage, with enrollment in the exchanges approaching 9 million.

Read more here: http://www.propublica.org/article/after-open-enrollment-activity-high-federal-health-insurance-exchange

As with any law of this magnitude, there will be glitches and other issues.

Read about some of those problems here: http://www.kaiserhealthnews.org/Daily-Reports/2014/July/24/health-law-and-fraud.aspx

Read about more here: http://www.vox.com/2014/7/23/5929865/guam-halbig-and-obamacare-disasters

Oh, and the jobs market seems to continue strengthening, with another big drop in weekly jobless claims to a level not seen in 8 years.

Read more here: http://www.marketwatch.com/story/jobless-claims-lowest-in-more-than-eight-years-2014-07-24

Of course, every economic recovery – especially one that is coming on the heels of the worst economic downturn – has its unevenness, meaning we don’t yet know how that number will translate into the unemployment rate or overall job creation for August, and while the S&P continues to break new records, we don’t know when a long- anticipated correction will occur.

The housing market, while no longer in the doldrums, is far from being healed.

Read more about that here: http://www.marketwatch.com/story/new-home-sales-hit-three-month-low-2014-07-24

About Issac Bailey

Isaac Bailey


Issac Bailey is an award-winning columnist who tackles the issues that affect both the local and national scene. Email Isaac at ibailey@thesunnews.com or call him at 843-626-0357.

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