Health Insurance Companies Refund $15M to Mass. Consumers

[Teddy B 17,252]

I'll take that $133! Thank you Obama and the ACA!

Massachusetts consumers will receive more than $15 million in health insurance refunds this year as a result of the Affordable Care Act, according to data released Thursday morning by the U.S. Department of Health and Human Services. Massachusetts consumers will receive the second-highest refund out of all 50 states, approximately $133 per family.

Nationwide, 6.8 million consumers saved $4.1 billion on insurance premiums in 2013 and will receive $332 million in refunds. That’s approximately $80 per family. The total refund Massachusetts consumers will receive is second only to Florida, where consumers will receive more than $41.5 million.

http://www.boston.com/health/2014/07/23/health-insurance-companies-refund-mass-consumers/7NZmpH0RkabGOBJzmLQEzO/story.html

[Operator 1,927]

In other news; Liquor store owners through out the Bay State report a run on Boone's Farm and MadDog 20/20.

[Mr. Big Dog 10,747]

I'll take that $133! Thank you Obama and the ACA!

[Harpa Timsah 13,258]

Can someone explain this to me? So if in my group, everyone paid their premiums, and no one got sick, then the insurance has to give us money back?

[The Nature Boy 4,224]

Can someone explain this to me? So if in my group, everyone paid their premiums, and no one got sick, then the insurance has to give us money back?

Not sure how this works, but my Insurance company USAA, gives back every year if they have a surplus at the end of the year

[JohnR! 5,495]

Can someone explain this to me? So if in my group, everyone paid their premiums, and no one got sick, then the insurance has to give us money back?

In a way yes. The ACA caps the percentage of money insurance companies can use for administrative costs, in relation to the amount of coverage they pay. The less money the dish out the smaller the amount they have for admin costs. At the end of the year, any left over money is reimbursed to the policy holders.

I believe this is what the fifth columnists referred to as 'Death Panel' because it helped drive nails in the coffins of Cheney, Palin, Romney and Ryan.

[Teddy B 17,252]

Can someone explain this to me? So if in my group, everyone paid their premiums, and no one got sick, then the insurance has to give us money back?

Pretty much, it's part of the 80/20 rule. If the insurance companies do not account for 80% of the premiums paid in either healthcare costs or healthcare improvements, they must refund the difference to the consumers.

[JohnR! 5,495]

Pretty much, it's part of the 80/20 rule. If the insurance companies do not account for 80% of the premiums paid in either healthcare costs or healthcare improvements, they must refund the difference to the consumers.

It is part of the swag bag, for those who voted for Obama at least five times in each of the last elections, in addition to all the free stuff...

[Teddy B 17,252]

It is part of the swag bag, for those who voted for Obama at least five times in each of the last elections, in addition to all the free stuff...

That means I'm getting a double refund, cause I voted for him 5 times and my Canadian wife did too.

Thank you Obama!

[Harpa Timsah 13,258]

How are "healthcare improvements" defined?

And what's to prevent the companies from declaring that their charges cost more than they do? All the medical costs are artificially inflated.

Edited July 25, 2014 by Harpa Timsah

[Teddy B 17,252]

How are "healthcare improvements" defined?

And what's to prevent the companies from declaring that their charges cost more than they do? All the medical costs are artificially inflated.

I'm not sure how it's defined for everyone, but my Doctor decided to have topless nurses in his office and I found that to be a great improvement in my overall health.

[Mr. Big Dog 10,747]

I'm not sure how it's defined for everyone, but my Doctor decided to have topless nurses in his office and I found that to be a great improvement in my overall health.

That's a good doctor you have there. I've got to find myself one of those.

[Teddy B 17,252]

That's a good doctor you have there. I've got to find myself one of those.

I've found myself getting very frequent check ups. It's a win win!