Now I understand how insurance works (trust me on this one, because to be honest I wish I had a lot less experience dealing with insurance). I know that while you're healthy some of your premium goes to cover those who are sick and then if you get sick (like I did) others' premiums go to paying your bills. I also realize that insurance companies have employees and operating costs and yadda yadda yadda.
But in 2011 Humana reported a *profit* of $1,099,400,000. That's just profit. And they were ranked #79 in the list of America's largest corporations (source for profit and rank: CNN Money).
Thanks to the new Affordable Healthcare Act (aka Obamacare), I just got a tiny bit of that back.
Since Brynn is an unusually healthy child, we usually only go to the doctor and dentist for well visits. Of course there's the occasional sneeze, sniffle, or ache, but usually no more than an extra visit or two a year. So the $3,200 I pay annually for her insurance did seem a little steep, but no one wants to see their child un- or under insured.
The health care legislation also thought this was a little pricey for someone who uses their insurance so little. It contains an 80/20 rule, which basically says 80% of the premium I pay to Humana must then be spent on medical care. They can use the other 20% for overhead, but 80% has to actually cover medical care.
So when I opened the letter from Humana today I actually did a little happy dance. Here's the exact wording:
If for some reason you can't read that in the picture it says "Enclosed is your health insurance premium rebate check which is required by the Affordable Care Act -- health care reform -- and the Medical Loss Ratio provision. The purpose of this requirement is to lower the cost of health care coverage."
This is the first face of Obamacare I've experienced in person, and so far I like it just as much as I thought I would.
1 comment:
Now, to show some bipartisanship, put that spare change in an offshore like a good Republican!! :)
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