Hello Reddit,
I was a full time employee in Colorado with a health plan through my employer for which I paid a portion of the premiums. Worth noting: my new employer uses the same insurance company.
I received an email from my insurance company under my former employer letting me know that there was a Medical Loss Ratio rebate based on my insurance plan from 2021. Based on my elementary understanding, MLR or Medical Loss Ratio is the amount of money insurance companies actually pay out in claims or on health-related things and if they don’t hit that number, they have to rebate the policyholder who may be an individual, or the holder of a group policy. At this point, the group policyholder would distribute the money to the covered individuals, or apply it to future premiums.
Nothing I’ve been able to find really explains what happens when you no longer work for that employer. Can I still ask for my share of the pie since it was me that overpaid?
What prevents my employer from signing up with an expensive insurance company, having me and the other workers pay into it, then making money off the rebate once they receive it? My former company was not terribly trustworthy and I can pretty much count on them to have done the least ethical thing they can possibly do while staying within the letter of the law. I don’t care if the money I get out of it isn’t “worth the effort”. I would like to try for a refund if possible and at least get them to tell me what they did with the money.
Thank you for any help and insight you can provide.
Here’s the redacted email I got from the insurer:
Dear member: We are writing to give you information about Health Insurance Premium rebates that are a part of the Affordable Care Act. You do not need to take any action. Rather we, and the Federal Government who has asked us to send this notice to you, want to make sure you are informed.
Your employer or policyholder will be receiving a rebate check based on the Medical Loss Ratio (MLR). Enclosed is a letter explaining the MLR and the rebate and some Frequently Asked Questions that we hope will be helpful to you. If you have any other questions or need further explanation, please call us at [phone number removed]. Our goal is to help you throughout this process and communicate with you in a way that helps to clarify the information you are receiving. We appreciate your relationship with [insurance company name removed],and will continue to work hard to serve your needs
submitted by /u/Njordomir
[link] [comments]Hello Reddit, I was a full time employee in Colorado with a health plan through my employer for which I paid a portion of the premiums. Worth noting: my new employer uses the same insurance company. I received an email from my insurance company under my former employer letting me know that there was a Medical Loss Ratio rebate based on my insurance plan from 2021. Based on my elementary understanding, MLR or Medical Loss Ratio is the amount of money insurance companies actually pay out in claims or on health-related things and if they don’t hit that number, they have to rebate the policyholder who may be an individual, or the holder of a group policy. At this point, the group policyholder would distribute the money to the covered individuals, or apply it to future premiums. Nothing I’ve been able to find really explains what happens when you no longer work for that employer. Can I still ask for my share of the pie since it was me that overpaid? What prevents my employer from signing up with an expensive insurance company, having me and the other workers pay into it, then making money off the rebate once they receive it? My former company was not terribly trustworthy and I can pretty much count on them to have done the least ethical thing they can possibly do while staying within the letter of the law. I don’t care if the money I get out of it isn’t “worth the effort”. I would like to try for a refund if possible and at least get them to tell me what they did with the money. Thank you for any help and insight you can provide. Here’s the redacted email I got from the insurer: Dear member: We are writing to give you information about Health Insurance Premium rebates that are a part of the Affordable Care Act. You do not need to take any action. Rather we, and the Federal Government who has asked us to send this notice to you, want to make sure you are informed. Your employer or policyholder will be receiving a rebate check based on the Medical Loss Ratio (MLR). Enclosed is a letter explaining the MLR and the rebate and some Frequently Asked Questions that we hope will be helpful to you. If you have any other questions or need further explanation, please call us at [phone number removed]. Our goal is to help you throughout this process and communicate with you in a way that helps to clarify the information you are receiving. We appreciate your relationship with [insurance company name removed],and will continue to work hard to serve your needs submitted by /u/Njordomir [link] [comments]Read Morer/HealthInsurance