My health insurance company sent me the Medical Loss Ratio Notice today. It’s an Obamacare rule which is as socialist as it gets.
The ratio, also known as the 80/20 rule, requires health insurers in the individual and small group markets to spend 80% of the premiums (before expenses) to improve health care quality. Large group markets have to pay 85%.
If the health insurer does not spend at least (that’s right, at least) 80% of the premiums it receives on health care services and activities to improve health care quality, the insurer must rebate the difference.
In other words, Obamacare is putting all health care insurers out of business. That leaves the socialist government for all your health care needs.
Isn’t that grand? You won’t have to worry about the evil health insurance companies any longer. Now you have IPAB!
IPAB, or The Independent Panel Advisory Board, is a 15 member panel, appointed by our king and to be based in D.C., who will decide all your healthcare choices AND you won’t be able to sue them. It’s verboten to sue the government.
Wow, can’t wait to get my dinky check from the evil health insurance company which I plan to send back to them since they need it more than I do.
Because the evil health insurance companies largely supported Obama, I have to assume they have been promised something. Perhaps they will be first in line to grab up the Big Government health care exchanges. If not, why did they support Obama?