General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHealth Plans Will Pay $1B Obamacare Rebate For Not Spending Enough On Care
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A little more than one-third of the rebate money, or $541 million, will go to large employers, Kaiser said. Meanwhile, small businesses will get $377 million while individual policy holders will get $426 million. Kaiser said that about one in three U.S. consumers in the individual market will get a rebate of $127 each on average.
http://www.forbes.com/sites/brucejapsen/2012/04/27/health-plans-will-pay-1b-obamacare-rebate-for-not-spending-enough-on-care-3/
Report: Health care law rebates to top $1B
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That's real money, says Larry Levitt of the Kaiser Family Foundation, which analyzed industry filings with state insurance commissioners. The law requires insurers to spend at least 80 percent of the premiums they collect on medical care and quality improvements -- or issue rebates to policyholders.
"This is one of the most tangible benefits of the health reform law that consumers will have seen to date," said Levitt, an expert on private health insurance. The nonpartisan foundation is an information clearinghouse on the nation's health care system, and its research is widely cited.
Read more: http://www.foxnews.com/politics/2012/04/26/report-health-care-law-rebates-to-top-1b/#ixzz1ueLZqtQB
Alcibiades
(5,061 posts)Politically, much of this law was absolutely stupid, particularly since the best provisions won't kick in until 2014. At least they actually did something people will notice before the election. Getting a check from your insurer because they have been ripping you off all along? That's a new thing.
Alcibiades
(5,061 posts)And, though they tried their damnedest, they failed to put as negative a spin on this as they would like.
Tennessee Gal
(6,160 posts)StitchesforSnitches
(45 posts)but if you purchase insurance via your employer, your employer has no legal obligation to pass the rebate on to the employees who purchased the insurance.
Mel
(2,835 posts)Does anyone know if there will be any way for employees to find out IF their employer gets this rebate?
I think it only fair at the place I work to tell us. They whine and cry poor us we are paying so much in insurance for you and they give us a 'supposed vote' on the benefits we want which really means we get too vote on their limited choices of less benefits and pay more for them.
Personally, I would rather not have health insurance tied to my employment. I would rather just work at a place that I like or start my own business. I honestly believe there are companies that don't want universal health care because they would lose top notch workers if we had it.
StitchesforSnitches
(45 posts)hates HC as an overhead cost and when Corporate America had the chance to step up and back universal HC they were silent.
I know many people who would and can afford to retire but still work for the HC only.
Affordable HC is why I can't retire at 55 like I want too.
I have great HC as part of my job and it is wicked cheap too even with my options it is less then $20 a month, $5 -$30 max prescriptions and I have dental too.
I would love to start my own business but HC costs prevent me from doing it.
So I will work till I am 65 keeping a younger person out of the job market so I can have affordable HC.
Mel
(2,835 posts)and No matter how much the company I work at yaps about how great they are for paying our high deductible insurance I am not fooled.
Oh, it's such a "burden on them" then why not support Universal Health Care ya dopes?
No, they didn't want that "ObamaCare" Believe you me, My employer was not silent during the health care debate. hummph! I suppose it's not all that hard to figure out where I slave at oh excuse me Work at
StitchesforSnitches
(45 posts)if you make a high salary and are pretty healthy. The High Deductible Plan I had with HSA had a first deductible of $2500 at that point it picked up 80% of the costs the second one was at $6500 once you hit that in a year, including meds, it covered 100% for the rest of the year. Great deal if you get really sick in January.
Sadly to many companies are going to high deductible and if you don't have a high salary to match, the plan will suck.
Most people would rather pay a couple bucks (10-20) to see a Dr and some benefit for meds, bottom line it is easier for most people to manage.