Posted: 7/16/2014 9:49:33 AM EDT
| I purchased a small health insurance policy for myself back in Nov. 2013 for about $200/month. Thanks to the Affordable Care Act, I just received a refund check. My insurance company only spent 72.3% of their incoming premiums in my state. Anything under 80% gets refunded under the law. Woohoo! |
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I purchased a small health insurance policy for myself back in Nov. 2013 for about $200/month. Thanks to the Affordable Care Act, I just received a refund check. My insurance company only spent 72.3% of their incoming premiums in my state. Anything under 80% gets refunded under the law. Woohoo! How many pmags or boxes of 22 can you now afford? |
| Does everyone get an equal refund or just people who didn't get the insurance subsidized? I'm curious if the people getting government subsidies for the plan get the same amount back as you do. If so not only would their insurance be free but they would be paid to have it. |
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1. It is by insurance company and by State.
2. If the company's expenses (in that State) are less than 80% of their intake of premiums, then under the ACA, that insurance company must refund policy holders in that State. Say the company's expenses were 70% of premiums. Company would refund every policy holder in that state 10% of the premiums customers paid in. 3. This has nothing to do with subsidies. |
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This is unspent premium money from Arkansas. It is NOT taxed, then redistributed government money. Quoted:
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You're welcome. This is unspent premium money from Arkansas. It is NOT taxed, then redistributed government money. So--hometown meet up and you're buying the beer, right? |
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So if cancer Dan uses 79% of the money and you use 1% then you don't get a refund? It is by overall premiums paid in versus expenses in claims and administration. If overall expenses are less than 80% of overall premiums, then every policyholder gets a refund of some of their premiums paid in. Basically, the insurance companies are not allowed to make a profit of over 20%. Utilities (gas & electric) are generally under similar controls. |
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It is by overall premiums paid in versus expenses in claims and administration. If overall expenses are less than 80% of overall premiums, then every policyholder gets a refund of some of their premiums paid in. Basically, the insurance companies are not allowed to make a profit of over 20%. Utilities (gas & electric) are generally under similar controls. Quoted:
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So if cancer Dan uses 79% of the money and you use 1% then you don't get a refund? It is by overall premiums paid in versus expenses in claims and administration. If overall expenses are less than 80% of overall premiums, then every policyholder gets a refund of some of their premiums paid in. Basically, the insurance companies are not allowed to make a profit of over 20%. Utilities (gas & electric) are generally under similar controls. What if my employer pays 80% of my premiums and I pay the other 20%? How is that figured out? |
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And had you bought a plan in September like I did you'd probably only had paid $95/month for the last 10 months. Of course the premium is going up to $215 month and my deductible is going for $2,500/0% co-insurance to $4,500/10% co-insurance. Fuck Obama, The FSA, and the insurance companies, because even if I do have a claim they are not going to pay what is billed if they pay anything at all. 
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