I got a letter in the mails, saying that because my health care payment insurance provider of choice did not meed the “80/20 Rule” they would be refunding my plan 3.2%. It turns out Uncle Sam himself is offended that anything less than 80% of my insurance premiums should go to actual medical care. 20% profit LIMIT? I thought. No friends, it’s a 20% administrative amount limit, the maximum they can spend on salaries, sales, and advertizing. Profit is nowhere mentioned in the letter.
WTFPPL. If they aren’t making a profit, why would they stay in business? Makeup companies get a 50% margin and we love them but health care payment insurance can’t make a buck for their trouble?
This is due to the Obamacare law. I know that because it was on the letter and the two-page FAQ they sent with the letter. This probably-half-a-million-dollar mailing was paid for by my health insurance premiums (but only 20% or less of my premiums!). Oh well, I’m sure they couldn’t have found a good use for that money anyway.
It sucks watching my America swirling down the drain like this.