Thursday, April 17, 2014

Follow us:
Follow @NY1 on Twitter Subscribe to this news feed 

News

Obama: NYC Residents To See Big Drop In Health Insurance Premiums

  • Text size: + -
TWC News: Obama: NYC Residents To See Big Drop In Health Insurance Premiums
Play now

Time Warner Cable video customers:
Sign in with your TWC ID to access our video clips.

  To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.

President Barack Obama on Thursday said New Yorkers are on track for big savings in health insurance costs.

He says the large pool of residents here will reduce health insurance premiums for those who buy insurance on the open market.

He added middle class families may also qualify for tax credits that would bring down their costs.

"Just yesterday state officials in New York announced that average premiums for consumers who buy insurance in their new marketplace will be at least 50 percent lower next year than they are today," said Obama. "What this means is that hundreds of thousands of New Yorkers who don't have insurance will finally be able to afford it."

Under the law, insurance companies are required to spend between 80 and 85 percent of premiums on medical care.

If they don't, they have to send out refunds.

Last year, more than 630,000 people received refunds averaging $92 per person.

10.11.12.248 ClientIP: 107.20.30.170, 23.62.6.63 UserAgent: CCBot/2.0 (http://commoncrawl.org/faq/) Profile: TWCSAMLSP