What Does My Premium Payment Pay For?

Re-posted on 6-18-20

Yes, we agree that health insurance is very expensive these days.  It’s important to note, however, there is a clause in the Affordable Care Act that is called the MLR – Medical Loss Ratio.

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RePost - Price of Health Insurance and the "Medical Loss Ratio"

This MLR states that when a family or individual buys a medical plan, 80% of every dollar collected and paid to an insurance company MUST pay medical claims. So that leaves the insurance company to pay ALL of their expenses with the remaining 20%.

We read an article today stating that the residents in Florida, almost 1 million customers, will be receiving a $65 refund because of this rule. The insurance company collected too much money in premiums, and had to refund their customers the overage collected.

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Related Articles:

What Is Covered by The Affordable Care Act (ACA) Health Care Plans

What You Need to Know About Obamacare Health Insurance

How Are Health Insurance Premium Rates Determined?

Health Insurance plan “Unaffordable”? Need Exemption?

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