“Obamacare” Lowered My Health Insurance Premium Over 8%!

I love “Obamacare right now” I know that the name   may offend some of you but I don’t mean any harm. Some use  this term in a derogatory way. In the future there will be many who will look at the Affordable Care Act with great pride. The stigma of politics of today will be only in the history book. Most of the news today about the Affordable Care Act has been negative by many even though the Supreme Court ruled the law constitutional .

I just receive a “Notice of Health Insurance Premium Rebate.”  For this to happen to me is good news indeed. I support  President Obama’s Plan because it looks out for everyone . It’s requires sacrifice by everyone just like a civilized society should. On this day in time my health care insurance premium has been reduced about 8%. I like that.

I’ve got a check for $299.20 because of “Obamacare.” It works for me! I like it!

I got a letter from my health insurance company recently and was expecting to get a price hike again. Instead I got a check. Sweet! I’ve got price hikes 2 or 3 times/year for the last 4 to 5 years and it is not the best insurance on the market. It’s really not. I am self employed and sometimes the premium is very high to get really good insurance with low deductibles. The self employed know what I mean. This is especially true when you are over 40 years old. So you find yourself getting a catastrophic plan with high deductibles to make it more affordable so you will have coverage in case of a real emergency.


The  letter reads, “This letter is to inform you that you will receive  a rebate of a portion of your health insurance premiums This rebate is required by the Affordable Care  Act-the health reform law.”

The Letter continues: “The Affordable Care Act  requires my Health Insurance company to issue  a rebate to you if my insurance company does not spend at least 80 percent of the premiums it receives on health care services, such as doctors and  hospital bills, and activities to improve health care quality, such as efforts to improve patient safety. No more than 20 percent  of premiums may be spent on administration costs such as salaries, sales, and advertising. This requirement is referred to as the “Medical Loss Ratio” standard or the “80/20 rule.”   The 80/20 rule in the Affordable Care Act is intended to insure that consumers get value for their healthcare dollars. You can learn  more about the 80/20 rule and other provisions of the health reform law. 


The Affordable Care Act allows States to apply for a lower ratio. In 2011, Georgia applied for and received a temporary adjustment to the 80/20 rule.  For 2011, My insurance company must meet a 70% Medical Loss Ratio. Meaning that 70% of premiums must be spent on medical services and activities to improve health care quality, and no more than 30% of premiums can be spent on administrative costs. Additional  information on State requests for an adjustment to the 60/20 rule.

What the Medical Loss Ratio Rule Means to You

The Medical Loss Ratio rule is calculated on a State by State basis. In Georgia, my insurance company did not meet the Medical Loss standard. In 2011 my insurance company spent only 61.3% of a total of $4,172,937 in premium dollars on health care and activities to improve health care quality. Since it missed the 70% target by 8.7% of premiums it received,  my insurance company must rebate 8.7%  of my premiums. We are required to provide this rebate by  August 1, 2012, or apply this rebate to your premium that is due on or after August 1, 2012. We are enclosing a check.”
It is so nice to experience something exciting  about The Affordable Care Act. It is refreshing to be positively and  directly affected  by this law. The attacks on this law have been relentless for months and years. I can understand why people are confused. The public relations battle has been dominated by the opposition . Give them credit for this. I’ve always believe that this law would help the masses people if given a chance. I’ve got a rebate from my insurance company. This is real to me. My Health Insurance premium was reduce over 8%. I don’t have to form my opinion based on political pundits on either side of this issue. The check in my hands is proof enough.

Thanks

Horace Justice

I am curious.  How about your experiences? Please post it. You can post positive or negative experiences here. I want to know the truth about “The Affordable Care Act” (Obamacare). I want to here from the American public.

Will President Obama Sign The American Reparation Plan after Congress Pass it?