Think Progress: On Tuesday, Golden State small businesses and their employees got some great news: two of the state’s largest insurers will have to give them over $36 million in insurance rebates because of an Obamacare consumer protection.
The health law forces insurers to spend at least 80 percent of the premiums they charge on paying for actual medical services, rather than administrative overhead or profits. That means more money for ordinary consumers — and less for profitable insurance companies.
The so-called “80/20 rule” put $1.5 billion back into Americans’ pockets in 2011 alone. The average rebate was $151 per family across all insurance markets, and in states where insurers blatantly gouged prices, average rebates topped a whopping $500 per family.
Now, the benefits for Californians with small business health plans are beginning to materialize. Blue Shield of California will be forced to pay back $24.5 million in rebates. Anthem Blue Cross will have to pay back another $12 million.
And here you have the real reason Republicans hate Obamacare. Republicans represent the transnational insurance giants that are gouging the people. Obamacare is helping to correct that injustice.
In a more general sense, this makes very clear who's on who's side. Republicans legislate on behalf of transnational corporations, and Democrats legislate on behalf of the citizens of the United States of America.
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