Insurance check

[DJD]

I received a check from BCBS that said because of obamacare (medical loss ratio or 80/20 rule) and its mandates they have to send me my part of the action. It seems that insurance companies are mandated to spend 80% of what they receive on healthcare services such as doctors, hospital bills and such. Anthem only spent 76.50%of what they received so they must return the difference as a rebate.....anthem of Kentucky received $303,004,189.00 in premiums.
Premiums won't go down they said and they won't just credit the money to the upcoming premium but will only cut a check. Why do I feel like they are setting us up for a swift kick in the nads???

[Hlleonard]

I received a check from BCBS that said because of obamacare (medical loss ratio or 80/20 rule) and its mandates they have to send me my part of the action. It seems that insurance companies are mandated to spend 80% of what they receive on healthcare services such as doctors, hospital bills and such. Anthem only spent 76.50%of what they received so they must return the difference as a rebate.....anthem of Kentucky received $303,004,189.00 in premiums.
Premiums won't go down they said and they won't just credit the money to the upcoming premium but will only cut a check. Why do I feel like they are setting us up for a swift kick in the nads???

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LOL... getting a rebate from your insurance seems like a bad thing to you?, you actually found a way to blame obamacare for mistreating you by sending you a rebate.... I will give you guys a gold star for consistency.

[GeoFisher]

I received a check from BCBS that said because of obamacare (medical loss ratio or 80/20 rule) and its mandates they have to send me my part of the action. It seems that insurance companies are mandated to spend 80% of what they receive on healthcare services such as doctors, hospital bills and such. Anthem only spent 76.50%of what they received so they must return the difference as a rebate.....anthem of Kentucky received $303,004,189.00 in premiums.
Premiums won't go down they said and they won't just credit the money to the upcoming premium but will only cut a check. Why do I feel like they are setting us up for a swift kick in the nads???

Actually this is a GOOD thing, except that it may lead to companies going belly up or really managing WHO they cover more closely.

Historically, insurance companies collect premiums from a LARGE GROUP, and hold that cash basically in "escrow" to ensure they can pay claims for the group. By mandating that insurance companies must pay out 80% of their premiums every year in claims, that means that this escrow account, or cash on hand cannot be used for anything else.

Imagine if the gubment came in and told State Farm the MUST pay out 80% of their premiums to fire victims or auto victims or theft victims........STATE FARM would go out of business, or stop covering people who have a single issue......hell they already are beginning to do JUST that......

Now back to health insurance......a small regional company or a self managed group will more than likely go out of business, or no longer service existing business. This is because 1 or 2 serious medical issues a year in a small group is enough to destroy the cash flow necessary to pay claims.

SAD.

[Tyme2fish]

I received a mumbo jumbo letter from my insurance company that I've been a good boy and hadn't made any claims etc.

??

They are going to credit my account so I don't have to pay my entire $6,000.00 deductible "if" I have a claim this year. ????

As near as I can figure, they just thanked me for paying them $10,000.00 a year with no claims and will allow a small discount if I should have a claim that exceeds my deductible.

Well now, ain't that just sweet of them!!!

[mhall]

NOTHING and I mean NOTHING is free, somebody pays the bill. Something liberals just can NOT for the life of them grasp...

[DJD]

Ohhh I'll take the money...its my money. I just don't trust the whole thing. Now if it was years after obamacare had been implemented with problems exposed and the new system controlling our healthcare and then I received a check that's one thing but having to trust what the politicians passed without knowing what was in the bill makes me worry about getting money back. Maybe I am wrong but experience tells me I won't be seeing something like this again.
New rules means new ways to play the game and you can bet insurance companies will not keep giving away money regardless of who tells them to.