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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsInsurers Aren’t Just Giving Out Rebate Checks Because Of Obamacare — They’re Lowering Premiums, Too
By Sy Mukherjee
Americans who bought individual health plans in 2012 saved $2.1 billion thanks to Obamacare consumer protections that limit how much insurers can profit off of Americans premiums, according to a new study by the Kaiser Family Foundation (KFF). The vast majority of those savings stem from individual health plan providers lowering the premiums they charge Americans in an effort to comply with the reform law.
The Kaiser study comes shortly after several major California insurers announced that they would have to pay back $36 million to small businesses and their employees after charging them too much. Obamacare mandates that insurers on the individual market spend at least 80 percent of the premiums they charge on actual medical services, or reimburse the amount they overspent to their customers.
But insurers can avoid writing those checks after-the-fact if they just lower their premiums to begin with and KFFs study concludes thats what many individual plan providers have been doing. KFF estimates that individual market insurers lowered their premiums by $856 million in 2011 and by $1.9 billion in 2012 to comply with the so-called 80/20 rule:
The combination of these premium savings and rebate checks meant that Americans who bought their own insurance spent 7.5 percent less on their coverage in 2012 than they would have without Obamacares consumer protections.
- more -
http://thinkprogress.org/health/2013/06/07/2121051/insurers-rebate-checks-premiums-obamacare/
WinkyDink
(51,311 posts)Cha
(297,764 posts)Fumesucker
(45,851 posts)Just Saying
(1,799 posts)Thru a small business cooperative and its very expensive-about $1000 a month for a family of 4 and none of us has any serious, chronic illness at this point. (thank God). Believe me, I'll be shopping in the new marketplace when it's available here in Ohio and thanking President Obama.
kestrel91316
(51,666 posts)$500 per month for a single person with a $7500 deductible and 20% copay on the first several thousand in care, and NO waiver of ded/copay on any preventive care...................now THAT'S expensive. And it's why I haven't had medical insurance for over 5 years.
Lex
(34,108 posts)than what anyone should have to pay. So is what you outlined as well.
Just Saying
(1,799 posts)$1000 bill per month is a ton of money with our income. That's life changing money. You need to understand that my kids are little so the amount for them is less than $100 each. My husband and I are in our 40s.
I feel for your situation but as you can see, we're in the same boat. But we can't do without especially with kids. I hope that Affordable Care gives us some affordable care. Wouldn't that be amazing!
Our policy has gone up as much as 38% in a year! It's crazy! No explanation, nothing. And if we're late they cancel and then we have to write a letter explaining it. Oh the things I want to say to them!
Skittles
(153,209 posts)all I know is what I hear and I don't know anyone who is happy with the prices - even if they knock a bit of it is still WAY too expensive for what you get
Flashmann
(2,140 posts)Insurers Arent Just Giving Out Rebate Checks Because Of Obamacare Theyre Lowering Premiums, Too...
That's terrible!!!...
Must be the perfect example of the muslim communism,fascist,benghazi socialism everyones so afraid of...Another just in case.
Bobbie Jo
(14,341 posts)as of May 1st, and now covers wellness exams (100%) and contraception.
Lex
(34,108 posts)(or at least that's what I've read)
cascadiance
(19,537 posts)And now am looking at having to pay for COBRA now where I need it in between jobs where most of my maxed out unemployment checks are going to insurance premiums. And they wouldn't even cover an MRI that I was supposed to get this week that arguably I needed for a current health condition I have. I also pay about twice as much for prescriptions each month than I used to as well.
It's still broken until we get something like single payer in the loop with the profiteering insurance companies out of the mix.
Just Saying
(1,799 posts)Years ago when I lost a job they wanted something like $700 per month to keep covering me. Um, hello? I'm unemployed and hoping I can make rent and eat let alone spend an exorbitant amount on health insurance.
The insurance industry is a disgrace. I honestly never thought ObamaCare would pass (and I think he should be honored to have his name attached.) but I agree we need single payer. I hope this is the first step on the long walk to ethical, humane healthcare system.
Sirveri
(4,517 posts)21, no health issues.
Fuck you Blue Cross, you can eat a big bag of dicks.
freshwest
(53,661 posts)The expansion of Medicaid with the ACA by our Democratic governor is helping many they could not before. The freeing of funds is restoring health care services to the disabled and poor who had lost coverage.
To millions of people now being insured as a human right, this is what universal coverage looks like.
The private insurance lobby has lost their death panel, which was delay, denial and premiums.
Thanks for the good news.
Cha
(297,764 posts)And, all the whining in the world didn't stop it.. we were fortunate. It's only going to get better.
Thanks ProSense!