In House Bill 3200 there is a provision that states your insurance company will have to re-imburse you if they made too much money (according to the government of course) in the premium Vs payout ratio. So what will they do in the years, currently paid for with those overruns, when the payout exceeds the premium? Nothing would be my guess. So here again we have the government dictating the profits that a private company can make.
This is from page 24 of bill.
A qualified health benefits plan shall meet a medical loss ratio as defined by the Commissioner. For any plan year in which the qualified health benefits plan does not meet such medical loss ratio, QHBP offering entity shall provide in a manner specified by the Commissioner for rebates to enrollees of payment sufficient to meet such loss ratio.
It does specify that it is based on a benefit year so there is no provision for balancing the good years against the bad; nor does it say exactly who is going to be calculating this ratio or how.
This sounds an awful lot like government dictating privat industry profits to me. What do you think?
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Do they even consider that investors actually own most of the companies. That means retirement plans galore. Gee, we mustn't let those who take the risk reap the profits. OH, NO. They always talk like companies are individuals and evil individuals at that.
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