I got a letter from my health insurance provider today telling me that according to the new health care act, if they have not paid out 85% of all the premiums paid in my insurance group toward medical or preventative costs they have to rebate the difference back to the premium payor. Well, bust my buttons, that would be me!
Now, before I get too excited I realize this rebate isn't going to be much. My insurance company, United Health Care, only missed the 85% mark by a measly 1%. I think that actually says a lot for United Health Care because they are not underpaying for medical or preventative costs nor are they putting a ton of premium money into administrative costs. So, that makes me happy. In addition, my portion of the 1% rebate is a portion of all the premiums paid by all of the people in the insured group which is pretty much every employee where I work. So, yeah, my rebate will be small. It will actually go back to my employer and it can be added to what I'm paying out this year and thus reduce my total cost this year. Or they could opt to give me a check.
Either way, this is a very good thing. This is holding insurance companies accountable for what they are taking in premium payments and making sure that the money we are all paying is going for actual medical costs and not lining some already overpaid CEO's pocket.
So, I'm stoked. It nice to see our government doing something right for a change and it's nice to see how it will positively affect many, many people.
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