In a post from just over a year ago I discussed how I had benefitted from the Affordable Care Act. The AFA contains a Medical Loss Ratio rule that stipulates that a health insurance company may spend no more than 20% of premiums on administrative costs. Any excess must be returned to customers in the form of rebates. Last year I received a 7% rebate of my 2011 premiums, for a total of $357.56.
I didn't mention that my premium was reduced at the end of 2011 from $323 a month to $318 a month, and then again in early 2012 to $312 a month. I can only assume that this happened in anticipation of complying with the Medical Loss Ratio rule, although I don't know that for sure. But it makes sense, doesn't it? After all, how often do health insurance companies spontaneously lower their premiums?
Anyway, I recently received another rebate from Blue Cross and Blue Shield of Texas. The rebate for my 2012 premiums was 2.3%, for a total of $75.95. Not much, of course, but better than nothing.
I should mention, though, that my monthly premium for 2013 increased to $345, which means that I'll pay $4140 for my health insurance this year. That is almost three times what I was paying when I started my BCBS policy in the fall of 2003.