Monday, October 21, 2013

Somebody forgot to tell them about the ACA's '80/20' rule

"My health insurance has quadrupled under that muslim-commie bastard!

I hear a lot of bullshit like that lately. I think it has a lot to do with people being like those poor, low-information fools that were exposed last week. People are just ignorant.

One of the key aspects of 'Obamacare', or the Affordable Care Act, is a rule called the '80/20 rule'. The rule mandates that insurance companies have to spend at least 80% [85% with companies over 50 employees] of the money they collect from premiums on direct medical expenses or they have to refund their customers the amounts under that 80%. It was made part of law to prevent insurance companies from gouging so if they are now gouging, you'll get a refund. Many already have. I guess none of that $1.6 billion went to any teabaggers. ...You can't lead sheep to water.