Remember the “bomb” hidden inside the Affordable Care Act which says 80 percent of every dollar must be used to provide actual healthcare?
The first tangible numbers for that provision are now available, and the result is Americans will receive as much as $1.3 billion in rebates this year.
By this August, insurers are projected to send consumers a total of $1.3 billion in rebates, according to a Kaiser Family Foundation analysis released Thursday — $541 million to large employers, $377 million to small businesses and $426 million to people with their own insurance plans.
The rebates are the result of a rule in the Affordable Care Act that requires insurance companies to spend at least 80 percent or 85 percent of premium earnings on health care — as opposed to marketing and administrative activities — or otherwise provide rebates to their consumers. [...]
A Senate report prepared by Democrats estimated last year that the rebates would have been as high as $2 billion if the so-called Medical Loss Ratio provision took effect in 2010.
Small businesses will receive $377 million, and people who purchase their own insurance will receive $426 million of their money back?
I was lead to believe Obamacare was killing small business. You’re telling me that was a lie? Weird.