Show Your Obamacare Rebate! Thanks Obama!

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!

Do You Have Health Insurance? Get Covered!

*Thank you UnitedHealthcare for sponsoring this post!*

Hospital - MagistraleOpen enrollment starts today, November 15, 2014 and lasts until February 15, 2015. Americans across the country can sign up for a health insurance plan and get covered for 2015.

Most of you are probably familiar with the Affordable Care Act, also called Obamacare by some. There are certain qualifying events that allow you to use a special enrollment period. The exchanges or the marketplace is a website that allows you to compare plans from a variety of providers much like Travelocity. The website will be either the government website or your state’s individual marketplace website.

In Massachusetts, the website is the Massachusetts Health Connector. Since the work I do is project based, I do not have one steady employer providing me with health insurance. There are many myths about who has health insurance and who doesn’t. Everyone has different work, health and family situations. In the past, obtaining health insurance was nearly impossible for some.

I’m very happy that there are now more options to find better and more affordable health insurance as an individual. I’ll be signing up for a plan during this enrollment period on the Mass. Health Connector and hopefully can keep my current plan or find a new health insurance plan that I like better. According to Gallup, most people are happy with their new plans.

Over seven in 10 Americans who bought new health insurance policies through the government exchanges earlier this year rate the quality of their healthcare and their healthcare coverage as “excellent” or “good.”

Figuring out all the terms can be rather daunting, so I’ll have to brush up on those again as I compare plans. Wish me luck as I go through the process. Hopefully some of you are able to sign up for a plan too!

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Disclosure: This post is brought to you in collaboration with UnitedHealthcare. Thank you for supporting the sponsors that allow me to create new and special content for this blog and donate a portion to worthy organizations.

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Flickr Photo: Hospital – Magistrale by digital cat