Blue Cross Blue Shield dominates the market in Alabama, and it was not one of the companies required to pay the money back.
Obamacare requires companies to spend no less than 80% of the premiums they collect on actual health care, not on bonuses and vacations for their officers. BC/BS of Alabama reports it met that threshold, and therefore was not required to send out checks.
People may say they hate Obamacare ("Socialized Medicine!!!!"), but when they hear about the rebate provision, they're all for it. The checks may aid Obama's re-lection effort. There are so few undecided voters that if even a few hundred thousand received a check it may help.
[UPDATE: The Birmingham News on 8-5-12 includes a story about the company amassing a huge surplus, and the fact that the 80% market share I mentioned above is actually 90%.]
Oh, BC/BS wants us to take their word for their having met the 80% threshold? Can't someone audit them to confirm that representation? Oh, yes, I forget, they're like Rommney and his tax return and taxes paid issue, we don't have to prove that we met the threshold, just take our word for it. NOT!
ReplyDeleteTim, I can't believe the govt accepted BC/BS at their word I assume they file a tax return that would document their expenses, and that they would be liable for a penalty if they lie about it. Hope you are right about those checks. It's true that Obamacare, like Social Security and Medicare before it, has been demonized, lied about, screamed about and castigated as the work of the Devil by people who still believe in the frontier, winner take all society.
ReplyDeleteBy the way, nice photo of the capitol!
I don;t have any details about the BC/BS of Alabama report, other than what the company reported to members and to the government. I Can't imagine they would lie about something so easily confirmed through tax returns...and thanks Clem...I just replaced the top banner photo with another capitol picture...
ReplyDelete