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Originally Posted by glatt
So far, I'm digging Obamacare. But I reserve the right to change my mind as more becomes clear.
But a couple days ago I got a letter from CIGNA, my health insurance company through my employer. Apparently Obamacare requires that insurance companies must spend at least 85% of the money they collect from premiums on actual health care. In 2011, CIGNA spent 75.8% of their premium money on healthcare. Under Obamacare, they MUST refund the difference (9.2%) to my employer by 8/1/12, and my employer must follow certain rules to distribute the rebate to me.
So the next day, HR sent out an email to the employees saying that they had no idea this was coming, and that they needed a little time to figure out how to distribute the funds back to the employees.
But the thing is, I spent a few thousand dollars on health care premiums on 2011 for my family of four, so to get around 9.2% of that back is going to be a beautiful windfall and really help, either as a check or maybe it will be used to reduce premiums next year.
Thank you, Obama!
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It took a couple months to show up in my paycheck, but I just got my Obamacare rebate. My portion of the rebate was $390 after taxes. That's real money. Thank you, Obama!
And I should note that it's open enrollment time for insurance for next year, and the costs have gone up again, but by the same amount as they did last year, and less than the year before. So Obamacare doesn't seem to be driving up premium prices. My personal anecdotal evidence says that so far, it is working better than the old way.
I still reserve the right to judge it differently as more data comes in, but so far, so good.