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Just got this in the mail. I was gobsmacked...
"This letter is to inform you that you will receive a rebate of a portion of your health insurance premiums. This rebate is required by the Affordable Care act - the health care reform law.
The Affordable Care act requires Ambetter from Arizona Complete Health to issue a rebate to you if Ambetter from Arizona Complete Health does not spend at least 80 percent of the premiums it received on health care services, such as doctors and hospital bills, and on activities to improve health care quality, such as efforts to improve patient safety. No more than 20 percent of the premiums may be spent on administrative costs such as salaries, sales, and advertising. This requirement is referred to as the "Medical Loss Ratio" standard or the "80/20 Rule".
[...]
The Medical Loss Ratio is calculated based on the total premiums and claims of all individuals insured by an insurer in a state, using a three year average. It is not based only on your premiums and claims. In Arizona, from 2020 to 2022, Ambetter from Arizona Complete Health spent an average of only 71.90% of premium dollars on health care and activities to improve health care quality. Since it missed the 80% target by 8.10%, Ambetter from Arizona Complete Health must rebate 8.10% of a total of $317,916,852 of its after-tax premium revenue in your market segment. We are required to provide your portion of this rebate to you by September 30, 2023, or apply it to your premium that is due no later than October 30, 2023.
We are enclosing a check."
...For my portion of that 8.10% of the $317,916,852 which was $724.14!!! WOO HOO!!!
So thanks again to one of the best Presidents that this country ever had.
