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Forum Post: Government can work for the people. Lets see that it does.

Posted 8 years ago on July 18, 2012, 12:48 p.m. EST by DKAtoday (33802) from Coon Rapids, MN
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From an Al Franken newsletter.

Cheaper Health Insurance – and Rebate Checks – for Minnesota Consumers

I’m happy to announce that this summer, many families across Minnesota will be receiving rebate checks from their health insurance companies because of a provision I wrote in the health care reform law. That provision – called the medical loss ratio – requires health insurers to spend at least 80 to 85 percent of what they collect in premiums on actual health services for their customers – as opposed to administrative costs, profits, marketing, or CEO salaries. It sounds complicated, but it means that your insurance company can’t overcharge you for your health insurance. And if they do, they have to give you a rebate.

Recently, a new government report found that because of this provision, nearly 125,000 Minnesotans will receive those rebates — averaging nearly $160 per household — from their health insurance providers. And millions more across the country can expect similar rebates. This is great news for consumers, who can expect lower health care premiums going forward, and will no longer have to foot the bill for the excessive spending of their health insurance company.

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The health care reform law sounds like a good regulatory control - Hey?



Read the Rules
[-] 0 points by SteveKJR (-497) 8 years ago

Lets see Monthly premiums - $250.00 Yearly Annual premium $3,000.00 Less insurance Rebate $ 160.00

Total annual premium $2,840.00

That helps a lot doesn't it. Oh and lets not forget that insurance rates are going to go up in the future -

[-] 0 points by DKAtoday (33802) from Coon Rapids, MN 8 years ago

Well now - that brings up another issue to act upon - But for the moment - required spending is a step in the right direction - next step is caps to stop inflationary practices - this also goes to the greed of the executive management as well as the greed of any board of directors. Personally I would continue to push for non-profit health care and single source non-profit insurance. This should also include Pharma and medical equipment. The whole Health industry.

[-] -1 points by SteveKJR (-497) 8 years ago

Well, I don't know if the greed is with the Executive Manager or Board of Directors.

I think the biggest cost associated with healthcare is the healthcare provider.

Go into any dentist office and ask what it costs to have a tooth pulled or a filling.

I recently had to have some therapy done to my shoulder because of a rotator cuff problem. They sent the insurance claim in - I had to co-pay $65.00 for each of the three visits. On top of that I received a bill from the office to the sum of $190.00.

So, here we have $190.00 plus $195.00 for the three visits and no telling what the insurance company paid.

So that is where it has to stop. Each of my visits was about 1/2 hour at most.

Hospital bills are the same way - If we are going to do something about high healthcare costs it has to start with the providers.

[-] 0 points by DKAtoday (33802) from Coon Rapids, MN 8 years ago

Re-read the comment that you are replying to - it covers the insurer the provider of care and suppliers of medicine and equipment.