Coming Soon to the American People $ 1.2 Billion dollars in refunds because of the ACA
Last edited Fri May 11, 2012, 03:20 PM - Edit history (1)
The Republicans are about to find themselves in a whole lot of trouble regarding the Affordable Health Care Act.
The Kaiser foundation is projecting that the Act, which requires large group plans to pay out 85% of their premiums in benefit payments or refund the overage. Small group plans must pay out 80%.
So at a rate of $ 100 million dollars a month, according to the Kaiser foundation, people are going to start getting their money back.
Are a lot of people going to get money back? Almost one out of three Americans will receive about $ 130. Not only will that create a positive understanding of the ACA but it will be a good stimulus as well.
Some states where the state does nothing will result in a massive refund. Texas citizens will get back $ 186 million which includes about 90% of the population. (The President is only down 7% in Texas)
How about Florida, an absolute must state for the Republicans? $ 149 million.
People forget that the AHCA established a MLR for big plans at 15% and for small plans at 20%.
At DU2 I wrote that this was the key to the AHCA that most people were not taking into account
The federal government is about to enforce the gross profit margin on the American Health Care Industry.
Its not a public option but to quote the VPster. $ 1,200,000,000 is a big fucking deal
http://www.kff.org/healthreform/hr042612nr.cfm
MENLO PARK, Calif. – Consumers and businesses are expected to receive an estimated $1.3 billion by this August in rebates from health insurers who spent more on administrative expenses and profits than allowed by the Affordable Care Act (ACA), finds a new analysis from the Kaiser Family Foundation of the latest estimates provided by insurers to state insurance commissioners.
The rebates include $541 million in the large employer market, $377 million in the small business market, and $426 million for those buying insurance on their own. Rebates in the group market will generally be provided to employers, and in some cases be passed on to employees as well.
Rebates are expected to go to almost one-third (31%) of consumers in the individual market. Among employers, about one-quarter (28%) of the small group market and 19% of the large group market is projected to receive rebates. The share of consumers in the individual insurance market expected to receive rebates ranges from near zero in several states to as high as 86% in Oklahoma and 92% in Texas.
. . .
Beginning in 2011, the ACA requires insurance plans to pay out a minimum percentage of premium dollars towards health care expenses and quality improvement activities, limiting the amount spent on administrative and marketing costs and profit. Under the law, large group plans are required to spend at least 85 percent of premium dollars on health care and quality improvement, while small group plans must spend at least 80 percent. These ratios are known as the Medical Loss Ratio (MLR). If an insurer fails to meet the MLR within a market segment in a state, they must issue a refund to consumers and employers
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The truth is smacking you in the face, Teabaggers. Wake up little pups!
