General Discussion

Sgent

(5,858 posts)

38. Just to clear up

Thu Jul 25, 2013, 10:56 AM

Jul 2013

If insurance companies don't spend more than 80-90%, depending on type of plan (individual vs group, etc.) of their revenue on healthcare related expenditures then they must refund the difference.

The purchaser of the insurance product decides where the refunds go. In most cases with group plans it will be refunded to the employer, which should give you a proportional credit for any premium paid by you for the plan.

Individual plans until Jan are cheaper in most states if your healthy, and are ok with just so/so coverage. They are not available if you have pre-existing conditions, and even small pre-existing conditions can disqualify you.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

56 replies

= new reply since forum marked as read

Highlight:

Wow! My insurance company just sent me another refund check! [View all] tridim Jul 2013 OP

The GOP doesn't want the middle class to get refunds liberal N proud Jul 2013 #1

I'd love to see them debate that point. What can they say, really? tridim Jul 2013 #2

Exactly - TBF Jul 2013 #44

I'm not the wealthy. LWolf Jul 2013 #52

my insurance company (Kaiser) just sent a notice of a rate increase. nt msongs Jul 2013 #3

Change to an insurer that is following the law. nt tridim Jul 2013 #5

Most people are stuck with what they get at work. hobbit709 Jul 2013 #7

Drop out of the company plan and get an individual plan. You will likely save money. tridim Jul 2013 #17

Not if the company pays most of it on their plan and nothing if you get your own. hobbit709 Jul 2013 #26

If the company is paying most of it why do you care? Recursion Jul 2013 #35

Yeah, our rates doubled. KatyaR Jul 2013 #11

Of course they did... LanternWaste Jul 2013 #20

THANKS OBAMA! AllINeedIsCoffee Jul 2013 #4

so you won the lottery. hobbit709 Jul 2013 #6

No, my insurance premium went down. nt tridim Jul 2013 #12

I imagine a refund and a lottery are rather difficult for many people to differentiate. LanternWaste Jul 2013 #21

Might as well be a gamble if for every person that gets a refund, many do not. hobbit709 Jul 2013 #27

"Many do not", based on what? tridim Jul 2013 #37

Based on no one I know and I know quite a few people. hobbit709 Jul 2013 #41

Happy for those who received a check (s). bigwillq Jul 2013 #8

Ditto. City Lights Jul 2013 #24

Me too!! bigwillq Jul 2013 #25

No refund check for me... onpatrol98 Jul 2013 #53

This message was self-deleted by its author CountAllVotes Jul 2013 #54

that's substantial bucks, tridim.. Cha Jul 2013 #9

Mine has not. Llewlladdwr Jul 2013 #10

Call your insurance company and ask when they plan to follow the 80/20 law. tridim Jul 2013 #14

Pretty sure BCBS follows the law. nt Llewlladdwr Jul 2013 #18

Not everyone will receive a 80/20 payment (nt) bigwillq Jul 2013 #19

I guess all the moral insurance companies won't need to send out checks. tridim Jul 2013 #22

MORAL insurance companies? hobbit709 Jul 2013 #42

That was my point, genius. tridim Jul 2013 #43

Even with the ACA they ain't MORAL hobbit709 Jul 2013 #46

They are all bound by the 80/20 law, the law is moral regardless of the ins. company. tridim Jul 2013 #47

The law is moral-since when? hobbit709 Jul 2013 #48

Obviously you haven't listened to a word I've said about the 80/20 law. tridim Jul 2013 #49

What the law says and the insurance companies do are not the same. hobbit709 Jul 2013 #51

That means that those folks insurance companies are spending at least 80% of premiums on health care stevenleser Jul 2013 #33

Yes (nt) bigwillq Jul 2013 #40

we dont get them, our employer keeps them Puzzledtraveller Jul 2013 #13

That sucks. I went individual and saved money, and then got a refund. tridim Jul 2013 #15

don't you know you should sacrifice your refunds for single payer? Whisp Jul 2013 #16

I too blame Obama! Scurrilous Jul 2013 #23

Woo hoo! I had to borrow money from my mother-in-law to pay our medical bills. progressoid Jul 2013 #28

Why do people keep paying their insurance companies for "shitty coverage"? tridim Jul 2013 #30

I have shopped around, thank you very much. progressoid Jul 2013 #34

Competition will provide better and cheaper service. Econ 101. tridim Jul 2013 #36

I'm not ignoring the new law. progressoid Jul 2013 #39

My insurer isn't screwing me, they are following the law and sending out refunds. tridim Jul 2013 #45

Actually, I am interested. progressoid Jul 2013 #56

Wow! Our rates went up 45% this year and we got a check for $3 CrawlingChaos Jul 2013 #29

A few questions... Bradical79 Jul 2013 #31

. tridim Jul 2013 #32

Just to clear up Sgent Jul 2013 #38

I've never gotten a refund check rl6214 Jul 2013 #50

If you have insurance and your insurance company follows the law, you will. nt tridim Jul 2013 #55