Posted by Pops1532 on December 26, 2013 at 06:41:16 from (98.227.133.60):
In Reply to: OT Generic drug costs posted by Elton Fancher on December 26, 2013 at 04:06:34:
Quoting Removed, click Modern View to see
The ACA requires insurance companies to spend 80% of premium revenue on medical costs on a state by state basis. NOT on an individual basis. It's entirely possible to not use your insurance coverage and still not receive a refund.
Say they only spend 75% on medical costs....They are required to refund 5% of the premium revenue to their customers. The problem with that (other than circumventing the free market system) is that overhead and administrative costs eat up nearly all of the remaining 20% leaving the insurance companies to operate on very thin margins. I read of one state where a large insurance company only made a fraction above 1% profit on it's healthcare policies.
Also, some states are exempt from the 80/20 requirement, and several more states have asked to be exempt.
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