Affordable Care Act means $1.1 billion insurance rebate

[NJMaverick]

Quote:The nation’s health insurance companies will refund approximately $1.1 billion dollars to their customers this summer. It’s one of the new benefits of the health care reform law.

Quote:But here’s the real game-changer: The 80/20 rule. If the insurance company spends less than 80 percent of premiums on medical care it must rebate the excess. For large group plans (the kind provided by companies that employ 50 people or more), health insurance companies must spend 85 percent of the premiums on medical care.

Quote:Rebates for group plans will go the employer, but some of that money is supposed to be passed along to employees or used in a way that benefits them in the future – such as lower premiums.
The new law also requires health insurance companies to tell customers whether they hit, exceeded or missed the 80/20 mark. If they missed the goal, they must say by how much and what percentage of your premium will be rebated. This new transparency is unprecedented.

http://bottomline.msnbc.msn.com/_news/20...nce-rebate

[Treestar]

And yet crazies everywhere call the ACA a "gift to insurance companies."

[jaxx]

I think this is great. Let the people see how they were being ripped off by the ins co's.

[There Is No Spoon]

People will be getting refunds in August, no wonder the Republicans want to try to repeal this ASAP. They don't want people to see the benefits of this legislation.

[Willinois]

I really hope Obama can capitalize on this by making it clear that people are getting something because of ACA. Perhaps the biggest political mistake of the stimulus is that people don't know about all the jobs and projects created from it because the money was filtered through state/local governments and private companies. Obama isn't getting half the credit he deserves. I hope this time that people understand where the money came from.