Yet premiums went up for many as a result.
Good luck next year.
+1mine went up and took some things off. bah
Yeah I finally found that, good to know the .gov can legislate how much profit a private company can make....precedent has been set so which company should they go after next?I think it depends upon whether insurer used less than 80% of premiums on actual care (probably in total for all insured, not on individual basis).
Originally, I think it was supposed to be 90% of premiums go to actual medical care, but it got watered down by lobbyists.
You're telling me the OP insurance company overcharged him/her by 70%? That's quite a markup over what the insurance companies profit margins have been reported at.
This isn't going to be one of those deals where the insurance company refunds someone like the OP, and then the Gov gives the insurance company money/tax deduction to cover that, is it?
You're telling me the OP insurance company overcharged him/her by 70%? That's quite a markup over what the insurance companies profit margins have been reported at.
This isn't going to be one of those deals where the insurance company refunds someone like the OP, and then the Gov gives the insurance company money/tax deduction to cover that, is it?
Yet premiums went up for many as a result.
Good luck next year.
I think that he means that his total rebate equals 70% of one months premium. Obamacare will increase premiums by it's requirements. "affordable" in this sense is similar to "patriot" in patriot act.
So then is this just the insurance company "doing the right thing", or is ACA making them do it? (and I consider making up rules that force them to do it making them do it)
Unproven. Premiums have been going up for years.
Nice try though!
After participating and reading sactoking in the excellent thread he started, my understanding is basically the Gov is going to force people to get insurance (stick), but give them a subsidy to do so (carrot). What's odd is, I still don't understand how a Gov that is $15T+ in debt, and $1T or so over budget, finds the money to offer a subsidy for anything.
This money comes from......where exactly? Maybe this is better posted in sactoking's thread.
Chuck
It depends, but in most cases it's the ACA making them do it. CAVEAT: If you have health insurer through a mutual company (owned by policyholders) or have a participating policy (from a stock insurer, but which acts like a mutual) then you're eligible for policyholder dividends, which act like the MLR rebate. It should be noted though that there are few mutual and participating health insurers and even the ones that do exist likely issue dividends in amounts smaller than the MLR rebates.
Eaglekeeper's original statement could have two meanings:
1) Premiums went up as a result of the MLR; or
2) MLR is part of the ACA and you only get the MLR rebate because the ACA exists so to the extent that the ACA drives up premium costs then the MLR rebates also vicariously drive up premium costs.
#1 is not true.
#2 is most definitely true. Right now we're expecting average premiums to increase 20-40% as of 1/1/2014 solely as a result of ACA market reforms.
Yet premiums went up for many as a result.
Good luck next year.