I’ve been fairly critical of President Obama’s Affordable Care Act. There are a lot of good elements to the bill however I’ve been unable to overlook one element — the provision that forces citizens to pay for health insurance. I’ve listened to both sides of the aisle. In the end I just can’t come to terms with a provision that amounts to nothing less than a tax for being a living, breathing, human being. That being said, a little known provision has brought a smile to my face. My health insurer, Aetna, is being forced to rebate a percentage of my health insurance premiums because they did not spend the required percentage of premiums charged on actual health care. Sure a little extra cash in my pocket is welcome but that’s not the reason I’m smiling. You see, I’ve always felt like my premiums we’re excessively high. Working for a small business there are relatively few health insurance options and those that are available are quite expensive. My plan’s cost is approximately $1100/month. I pay 40% of the cost with my employer making up the difference. I could never understand why the insurance rates were so high or how they could possibly be spending that much money on health care costs. Thanks to “Obamacare” I now know my rates are both too high and Aetna is not spending it all on health care costs. I continue to disagree with the forced insurance provision however I’m extremely happy to see that health insurance companies are finally accountable for the premiums they charge. I’ll be awaiting my 11.9% rebate, Aetna, along with a reduction in premiums!
Here is a copy of the letter I received from Aetna today (click to enlarge)
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