Health Insurance Rebates - Health Care Refunds
Find out if your health care provider is going to be sending you a rebate check in the mail this year. The 2012 health care act has a provision that requires insurance companies to spend premium dollars, or refund "rebate" a portion back to you!
What this means for you is that if you personally are paying for your health insurance coverages, and your carrier fails to spend 80% or more of the premiums they collect on coverage for policy holders, they are required to refund a portion of this back to you. The new law, part of President Obama's health care reform act carries with it a requirement that insurers spend 80 percent of consumers' premium dollars on health care and no more than 20 percent on administrative costs. This is great news for consumers who are tired of seeing rising premiums. There is a great overview
of the rebate program at the NPR website, which strongly endorses the new program rules as a win for consumers.
States are allowed to seek a waiver from the new policy if the can demonstrate that this could impair competitiveness for policyholders in their regions. All health care participants are eligible for the rebates, from self paid policies, to small businesses and large corporations (85%) rule in place to help provide an incentive for insurance carriers to spend the premiums for coverage or rebate the overcharge to policyholders.
The government estimates that 45 percent of people who buy their own coverage are in plans that currently don’t meet the standard. If the law were in effect now, about 9 million would get rebates, either directly, if they buy their own coverage, or through their employers if they are in job-based coverage.
Consumers should try to stay up to date with their State's rebate policy. Insurance companies are lobbying very hard to have these rebates postponed or eliminated. This would shift the savings from consumers and give it directly back to the healh insurance provider. If you are a resident in (Florida, North Carolina, Texas) amongst others you need to follow the news and contact your representative to ensure these rebates passed to you, the consumer, as a way to help cover your insurance costs for 2012 and the years to come.
Leading local and national health insurance providers - Aetna, Humana One, Cigna, Blue Cross, Hamana, Cigna, CNA, United Health Care, United Health One, Care First and leading HMO, PPO insurance care providers
Follow State by State Rulings For Health Care Rebate Requirements and News Releases Here as it relates to the Federal Affordable Care Act
to oppose health insurance rebates, requesting for 2 to 3 year exemption for insurance carriers
rebates face second round of scrutiny as State attempts to appeal ruling that would force carriers to provide rebates starting in 2012
- Kansas request
to have insurance carriers exempt from health care rebates was denied by the Federal Government
's request to appeal for a waiver on rebates for insurance carriers has been denied by the Federal Government.
- North Carolina
residents could see between $15-30 million in health care rebates in 2012. unless lobby efforts to reduce this amount are approved.
**Breaking News** - 4/26/2012 - Americans projected to receive up to 1.3 Billion dollars in health care rebates this year, according to newly released study
A great story in the WSJ
late last year highlighted many key points of the rebates and refund program including:
"The first rebates have to be issued by August 2012. The new rules will allow employers to distribute the rebates by reducing employees' premiums for the rest of the year, for the following year, or by giving them a cash refund. Employers will not have to send refunds to employees who have already left their company, a prospect that had worried some workplace administrators.
The administration has estimated from data collected so far that up to 9 million people could see refunds, worth $1.4 billion in total, or an average of $156 for each person.
An estimated 74.8 million people receive insurance through companies subject to the rule, according to the department. HHS officials say they believe some companies have tempered premium increases rather than leave themselves open to issuing rebates."
This article posted in the Miami Herald, digs deeper to the impact of the $150+ million in rebates consumers in Flroida might receive, and the potential impact it may have on insurance agents who sell health care policies - Miami Hearald Article
A new study
by Forbes pegs the U.S. Health Care Market as a 3 trillion dollar business.
** February 3, 2012 - Bill S.2068, ries to reduce or eliminate the heatlh care rebate
part of the Health Care Reform act, if you think this is a bad idea, you better contact your local representative.
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