With the Affordable Health Care Act, insurers that don't pay at least 80% of premiums back to policy holders in claims must refund back a portion of their profits to the policy holders. My Co. only paid out 76% of premiums in claims. Thus my substantial check. Thank you President Obama!!!
SIAP. Just got my health insurance rebate......
- Thread starter InsHAWK
- Start date
what the heck business is it of Obama's what a private company does with their money they collect? they can put it in the incinerator and burn it for all I care, it's theirs, once you gave it to them
That's odd. When I buy insurance, I'm just paying a company money to assume part of my potential risk exposure. When I pay my auto insurance and my homeowner's insurance, I'm really hoping that money just goes into a black hole. I hope I never have to make a claim. When I need to make a claim, I'm glad it's there (new roof a few years ago after hail damage, for example), but the best years are the ones where I pay the premiums and have no problems.
Unless I am mistaken, it isn't based on the individual, but the entire pool of policyholders. 80% of all premiums taken in must be used for claims.
yes, but p&c insurance or homeowners or car insurance are not a right, these crazy totalitarians think health insurance is a right, so if they make it a right, then Obama can jack with it legally, according to them
that's great. Obama just made a pool or group out of individuals, yet he never made a pool to throw the money into and pay claims out of, and the companies still make decisions on their own, as long as they pay out 80% individually. huh? are you sure about the pool?
It still doesn't make any sense. The point of insurance is to charge people money to assume their expensive risks. If they're not making significant money on the healthy, they're going to go out of business paying for the really sick and injured patients. I assume that this is at the pool level, but even at the pool level, I would think that overages one year would be more likely to go into premium reductions the next, as opposed to "cash back".
the point of obamacare was never about assuming risks and taking risks off the people through insurance and such, it was always about welfare and wealth confiscation and redistribution. and socialism.
That is the purpose of the rebate. The states approve, or disapprove, rate hikes. If a company overshot the mark on expenditures after getting a rate hike this is simply a way to claw back those inflated premiums. Its a similar concept to states regulating utility rates.
Ok, so it is at the larger pool levels. I guess that can make some sense, just seems a less efficient way to solve the problem.
well, then let the states regulate insurance totally and get the feds out then!! the feds don't let the states regulate obamacare, they use totalitarian tactics to hammer the states who don't expand Medicaid, then they send the irs after churches and tea party groups and such.
except there never was a pool. the pool was what we had in tx before the obamacare disaster, the state risk pool. however, it was basically a monopoly run by blue cross. a true pool would be how insurance started way back in the beginning: people shipping goods pooled their money together when the ship took off from the port, if it sank, they got their money back distributed to them. wives of fire fighters pooled a bunch of money together in a fund in case one or more of the husbands never got out of the burning building. this is in no way a pool.
How else would you do it? If the company paid out over 80% would you then suggest they bill the policy holders for the difference at the end of the year?
It is only a pool in one sense...the policy holders of any one particular company. Don't get it confused with a state pool for high risk people.
So you received back some of the money from your already overpriced insurance premiums? That's like saying, that a robber stole from you and that he was nice enough to drop some back off to you. Do I get my money back, when I don't use my insurance at all during the year?
Do you think this policy that benefitted YOU, may have a balancer out there somewhere that will affect someone else?
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how about if company pays out zero at all, and pockets it all, we do nothing, and Obama does nothing??? because it's not our business?
ok, but with Obama and the feds running this said pool, and an individual company in business, but with no control, the feds make the rules, and the feds print the money, isn't this fascism, Italian style?
Absolutely! If claims exceed 80% you can bet on what comes next. Rate increase. Insurance company isn't going to lose money, ACA just prevents them from making massive profits as in the past.
I would think they'd set the "extra" aside because even the best number-crunchers aren't going to nail things down every year, so this would be cushion for those years when they're over 80%.....but I'm not an expert in this field.
God forbid individual private companies -whose soul purpose to stay alive and pay your claims is to make a profit,-would actually be allowed by obama to make said profit! Oh noes
Its almost as if premiums are rising, because of an unrealistic standards pushed forth by ACA. Maybe I'm crazy, but it certainly seems that way. It will certainly seem even more like that here at the start of 2016 when the standards raise another 20-30%.
Wouldn't it have been nicer if your premium hadn't gone up so much in the first place, and you got to keep your money (and your doctor)? Because you do know, you're premiums probably would have been lower
LOL...whatever. Your Policy must be a POS that covers nearly nothing with high out of pocket cost. Slurp on Hussien.
