Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Riddle Me This: Health Insurance Premiums

% of readers think this story is Fact. Add your two cents.


So, auto insurance companies, recognizing that the shutdown has significantly impacted the number of miles we’re driving, have introduced various discount/rebate programs (since we’re apparently having fewer accidents, etc):

In general, insurers that represent four out of five auto insurance policies sold in the United States have offered to refund some portion of driver premiums.”

Which is nice, but for many (most?) of us, our auto insurance premiums pale in comparison to what we pay for health insurance. And since we’re seeing the doctor less (and he or she’s getting paid less), the question arises:

This is a fair question, and I’ve been thinking about it, as well.

My initial thought was that it was a matter of logistics; that is, many folks share the cost with either their employer (group plans) or their fellow citizens (subsidized ACA plans). So peeling that back, how does a carrier track this?

As co-blogger Patrick points out, at least one carrier is giving it a go:

UnitedHealth commits $1.5 billion for premium rebates … Members will receive a 5% to 20% premium credit on their June billing statements.”

This applies to their individual major medical (one presumes this does not include Short Term Medical) and small group plans. As with various other carriers, they’re also waiving cost-sharing (deductibles and co-pays) for certain expenses.

There are, of course, some issues with this plan, notably MLR (Minimum Loss Ratio) rebates required under ObamaCare. UHC has indicated that this new endeavor is not related to that requirement.

The primary driving factor here is that “surgical volumes and non-Covid-19 emergency room visits in April down 40% or more from a year ago, which is more than offsetting increased costs on coronavirus care and expenses.”

Okay, so if that’s true, then what’s the problem with carriers offering to refund premiums?

Let’s circle back to my reply to Joe’s Tweet, which was that it’s going to be very difficult for carriers to differentiate who gets what. And as co-blogger Patrick also points out:

The relief is being questioned as it is similar to MLR rebates. Meaning, if an employer gets funds back they may be required to share in the refund with employees who have had money deducted from payroll.”

But there are, in fact, more layers. Our friend, Healthcare Economist Michael Bertaut, had this rejoinder:

[Full Disclosure: Michael works for Blue Cross/Shield of Louisiana]

This is also a fair cop, especially that last. Think about all the folks now chomping at the bit for a haircut, and then imagine how many others have had (or chose) to postpone necessary, but not urgent, medical care.

‘Tis a poser.

Original content copyright © InsureBlog



Source: http://insureblog.blogspot.com/2020/05/riddle-me-this-health-insurance-premiums.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.