English subtitles for clip: File:2010-05-08 President Obama's Weekly Address.ogv

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The President:
It's now been a little over
a month since I signed health

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insurance reform into law.

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And while it will take some time
to fully implement this law,

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reform is already delivering
real benefits to millions of Americans.

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Already, we're seeing a health
care system that holds insurance

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companies more accountable and
gives consumers more control.

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Two weeks ago, four million
small business owners and

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organizations found a postcard
in their mailbox informing them

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that they could be eligible for
a health care tax cut this year --

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a tax cut potentially worth
tens of thousands of dollars;

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a tax cut that will help
millions provide coverage to

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their employees.

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Starting in June, businesses
will get even more relief for

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providing coverage to retirees
who are not yet eligible for Medicare.

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And a little over a month
from now, on June 15th,

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senior citizens who fall into
the prescription drug coverage

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gap known as the "donut hole"
will start receiving a $250

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rebate to help them
afford their medication.

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Aside from providing real,
tangible benefits to the

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American people, the new health
care law has also begun to end

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the worst practices of
insurance companies.

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For too long, we've been held
hostage to an insurance industry

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that jacks up premiums and
drops coverage as they please.

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But those days are
finally coming to an end.

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After our administration
demanded that Anthem Blue Cross

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justify a 39% premium
increase on Californians,

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the company admitted the error
and backed off its plan.

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And this week, our Secretary
of Health and Human Services,

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Kathleen Sebelius, wrote a
letter to all states urging them

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to investigate other rate hikes
and stop insurance companies

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from gaming the system.

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To help states
achieve this goal,

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we've set up a new Office
of Consumer Information and

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Insurance Oversight, and will
provide grants to states with

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the best oversight programs.

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In the next month, we'll also be
putting in place a new patients'

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bill of rights.

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It'll provide simple and clear
information to consumers about

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their choices and their rights.

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It'll set up an appeals
process to enforce those rights.

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And it will prohibit insurance
companies from limiting a

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patients' access to their
preferred primary care provider,

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ob-gyn, or emergency room care.

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We're holding insurance
companies accountable in other

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ways, as well.

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As of September, the new health
care law prohibits insurance

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companies from dropping people's
coverage when they get sick and

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need it most.

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But when we found out that
an insurance company was

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systematically dropping the
coverage of women diagnosed with

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breast cancer, my administration
called on them to put an end to

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this practice immediately.

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Two weeks ago, the entire
insurance industry announced

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that it would comply with the
new law early and stop the

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perverse practice of dropping
people's coverage when they get sick.

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On Monday, we'll also be
announcing the new rule that

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allows young adults without
insurance to stay on their

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parents' plan until
they're 26 years old.

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Even though insurance companies
have until September to comply

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with this rule, we've asked them
to do so immediately to avoid

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coverage gaps for new college
graduates and other young adults.

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This also makes good business
sense for insurance companies,

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and we're pleased
that most have agreed.

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Now we need employers
to do the same,

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and we're willing to work with
them to make this transition possible.

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These changes mean that
starting this spring,

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when young adults
graduate from college,

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many who do not have health care
coverage will be able to stay on

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their parents' insurance
for a few more years.

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And you can check
healthreform.gov to find a list

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of all the insurance carriers
who have agreed to participate

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right away.

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I've said before that
implementing health insurance

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reform won't happen overnight,
and it will require some tweaks

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and changes along the way.

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Ultimately, we'll have a system
that provides more control for

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consumers, more accountability
for insurance companies,

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and more affordable choices
for uninsured Americans.

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But already, we're seeing how
reform is improving the lives of

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millions of Americans.

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Already, we are watching small
businesses learn that they will

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soon pay less for health care.

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We are seeing retirees realize
they'll be able to keep their

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coverage; seniors realize they'll
be able to afford their prescriptions.

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We're seeing consumers get a
break from unfair rate hikes and

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patients get the care they
need when they need it,

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and young adults getting the
security of knowing that they

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can start off life with one
less cost to worry about.

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At long last, this is what
health care reform is achieving.

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This is what change looks like.

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And this is the promise we will
keep as we continue to make this

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law a reality in the
months and years to come.

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Thanks so much.