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Millions could receive insurance rebates in 2012

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posted on Mar, 17 2012 @ 12:34 PM
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Millions could receive insurance rebates in 2012
despite industry opposition



A little known ObamaCare "mandate" ("issued" at the end of 2011 !!)
requires insurance companies to spend 80 to 85% of money received
from premiums on medical care !!

The result of "underspending" will be "rebates" back to
individual policy holders and to employers.

Sounds good on the surface,
BUT, guess who gets a rate hike later on ?
or guess who gets a lay off notice ?


By Judson Berger
Published March 17, 2012
FoxNews.com

Ready for another round of stimulus? This time, it's courtesy of the insurance industry -- not Uncle Sam.

Millions of Americans stand to receive insurance company rebates by the end of the summer, as a result of a new requirement in the federal health care overhaul that strictly governs how insurers spend their cash.

The insurance industry, along with a slew of state officials, have been fighting the policy. Based on rules that were issued at the end of last year, Washington will require insurers to spend between 80 and 85 percent of premium dollars on medical care. Insurance companies that violate the rule will be required to effectively refund their customers.

But while insurers say the rules could jeopardize plans across the country, customers are nevertheless expected to receive a rebate windfall starting this year.

Preliminary estimates indicate as many as 9 million Americans could receive up to $1.4 billion in rebates. That's an average of roughly $160 a person, though the amounts are likely to vary.

Read More for Details !!


How about donating money to medical research instead ??


Here's the juicy part:

Here's how the new system works: Starting in 2011, insurers were supposed to abide by the new rules. They require insurers in the individual and small group market to keep administrative costs to 20 percent, and to just 15 percent in the large group market. If they don't, they're supposed to send out a round of rebates by Aug. 1 of this year. That rebate could take the form of a check or credit card payment, or a reduction in premiums -- the rebates will either be distributed to individuals or employers depending on the plan.
Just in time for the elections !! and long enough before the rates go up (again) !!




..... The Obama administration requires companies to hold down administrative costs, advisers who act as policy brokers to help connect plans with customers could be cut out of the system.
More lay offs !!


I'm sure there will be "exceptions" and "waivers" as usual !!

And of course, this has nothing to do with addressing rising health care COSTS to begin with !!









edit on Mar-17-2012 by xuenchen because: (no reason given)




posted on Mar, 17 2012 @ 01:07 PM
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reply to post by xuenchen
 


You mean the money we pay for heath care should go to health care? Thats crazy talk. And what good would raising rates do if they have to give it back?



posted on Mar, 17 2012 @ 01:32 PM
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Here I thought my home owners and auto insurance went up because of all the flooding and tornados last year. I guess if they can't get our money with one type of insurance to make big profits they'll go after other types of policies.

If I got back 160.00 from my health coverage it won't cover what the other 2 went up.



posted on Mar, 17 2012 @ 02:12 PM
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Rebates to the average citizens who over paid?? HOW SHAMEFUL!! DISGUSTING!!!


Maybe we should just give it to the super-wealthy instead... those terrible, terrible commoners who over-paid. How DARE we think of giving it back to them DAMNED commoners. /SARCASM
edit on 17-3-2012 by HangTheTraitors because: (no reason given)



posted on Mar, 17 2012 @ 02:33 PM
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Yep someone is going to pay for it the simple fact the best care in this country is the profit model system.

The worst care a person can get in this country is Medicare and Medicaid sttictly no profit but the majority of cost goes to administration.

Another step in healthcare nationalization.
edit on 17-3-2012 by neo96 because: (no reason given)



posted on Mar, 17 2012 @ 03:37 PM
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Is there supposed to be a downside to this? It's coming from Fox News so...I'm looking for the downside.

I still can't find it.



posted on Mar, 17 2012 @ 03:49 PM
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The downside is higher premiums and the quality of care goes down and what they cover.

Insurance works by people who aren't using paying for those who are. the average person can go 10 to 20 years never using health insurance.
edit on 17-3-2012 by neo96 because: (no reason given)



posted on Mar, 17 2012 @ 04:07 PM
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reply to post by neo96
 


How do premiums go up if they have to give the money back anyway? Will doctors and nurses suddenly stop being as good as they are now because health insurance companies aren't making as much money? What would cause my insurance company to change the policy that we already agreed to?

I'm still struggling to find a downside...perhaps the board members of these companies will have to take a three week vacation instead of four?



posted on Mar, 17 2012 @ 04:50 PM
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Originally posted by neo96
The downside is higher premiums and the quality of care goes down and what they cover.

Insurance works by people who aren't using paying for those who are. the average person can go 10 to 20 years never using health insurance.
edit on 17-3-2012 by neo96 because: (no reason given)


That is not the way it works. They take your money and invest./gamble it in the markets. Rates tend to be effected by how much profit they make on the markets. When the markets are down they raise rates to make up the difference. This law simply says that a certain percent of the underwriting income has to go to medical coverage or be given back. Do not worry they still get to make huge profits investing the money you paid in through out the year and they do not have to give that to you.



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