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Health Insurance Rebates: Is Your Check In The Mail?

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posted on Jul, 31 2012 @ 06:47 PM
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A law that takes effect tomorrow August 1, mandates some insurance companies that owe rebates will be required to pay them. Approximately 13 million Americans who have individual insurance we'll receive a rebate, although payout varies by state.

Whether or not you are eligible for the rebate, insurance companies in all states must inform their clients if they have qualified or not, and must notify them of the findings. I could always use a few extra bucks.


abc.com

A new provision of the Affordable Care Act — called the Medical Loss Ratio, or the “80/20″ provision — could mean some Americans will see a rebate from their health insurance companies tomorrow.

Under the law, small-group and individual-plan insurance companies that annually spend less than 80 percent of premium dollars on medical care owe their customers a rebate. For insurers to large businesses, the percentage split is 85-15.

edit on 31-7-2012 by Daedal because: (no reason given)




posted on Jul, 31 2012 @ 06:51 PM
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Sounds great the companies who spend 80% or less of the money

funded must provide a refund.. The problem? Next time around these companies are going

to make sure their funds are not rebated by pressuring doctors and patients into care they do not need..

A person going every 90 days to the ol' doc will be going every 30 days, and the folks going every 30 will go
every other weeks..

It is a waste of resources and will not be sustained for long,



posted on Jul, 31 2012 @ 07:02 PM
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If you have insurance from your work, most likely the check goes to them as technically its there plan, but the law states it has to go toward employee benefit, so hopefully lower premiums.

I did a thread on it awhile back.



posted on Jul, 31 2012 @ 07:02 PM
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reply to post by sirnukeem
 


Oh yeah, like humana that denied coverage of treatment to a MRSA infection I got that had to be treated with antibiotics, and then also denied by ER visit when I went into anaphylactic shock from the sulpha drugs. Yup, all of that was unnecessary care.



posted on Jul, 31 2012 @ 07:25 PM
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This might explain th $465 check we got from my wife's health insurer out of the blue. Nice to get something back after all the flak they gave my her over paying her claims throughout the year.



posted on Aug, 1 2012 @ 05:00 AM
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what if you would have got a refund but dropped your insurance companie months back? will they still owe you or let you know there fndings?



posted on Aug, 16 2012 @ 12:13 AM
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reply to post by Daedal
 


A new provision of the Affordable Care Act — called the Medical Loss Ratio, or the “80/20″ provision — could mean some Americans will see a rebate from their health insurance companies tomorrow.

One of the unthanked benefits of "Obamacare".



reply to post by grubblesnert
 


This might explain th $465 check we got from my wife's health insurer out of the blue. Nice to get something back after all the flak they gave my her over paying her claims throughout the year.

My wife got a $1,500 check, her insurance was with University Hospitals where she works. She had cancer treatment when she was in her early 20's, her insurance rates were always high.



reply to post by dedpope
 


what if you would have got a refund but dropped your insurance companie months back? will they still owe you or let you know there fndings?

They should, but you wont know until you call/write them.



posted on Aug, 16 2012 @ 12:38 AM
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Over a month ago, my son got a check from BCBS for a little over six hundred dollars with a letter explaining the 80 20 law and why he was receiving this money. A few months ago my son took a better job with a different company. Until his insurance with the new company went into effect he took out his own hospitalization plan with with BCBS--so the rebate went to him.




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