We made it to October 1st and saved the Affordable Care Act! The special rules in place to pass the legislation with just 50 votes, using Pence to break the tie, expired yesterday.
The Republicans frenzy to repeal the ACA was cruel on so many levels. The failure to repeal will no doubt save many lives. I’m sure that Jimmy Kimmel speaking out about his experiences had a lot to do with keeping Obamacare alive.
One of the many benefits of the ACA is that it places requirements on health insurance companies that benefit those of us who subscribe to health care plans. One of the most beneficial requirements is the 80/20 Rule.
The 80/20 Rule generally requires insurance companies to spend at least 80% of the money they take in from premiums on health care costs and quality improvement activities. The other 20% can go to administrative, overhead, and marketing costs.
The 80/20 rule is sometimes known as Medical Loss Ratio, or MLR. If an insurance company uses 80 cents out of every premium dollar to pay for your medical claims and activities that improve the quality of care, the company has a Medical Loss Ratio of 80%.
Insurance companies selling to large groups (usually more than 50 employees) must spend at least 85% of premiums on care and quality improvement.
If your insurance company doesn’t meet these requirements, you’ll get a rebate on part of the premium that you paid.
Yesterday, I received a rebate check in the mail! It was a nice surprise and much needed. I’ve received a few rebate checks over the years and most likely many other people have as well.
Have you received an Obamacare rebate?
It’s quite striking to me that after just finishing their latest attempt to repeal Obamacare, now republicans are trying to give the richest of the rich a tax cut and raise taxes on the rest of us.
The Obamacare rebate is a boost to everyone regardless of income. I think this rebate should be more widely discussed. Shouldn’t we be talking about extra money in our pockets because of Obamacare?
How many of us are receiving it? Let’s share on social media if we receive this rebate and thank President Obama for the Obamacare rebate. Thanks Obama!