Texas Asks Feds To Delay Health Insurance Rebate Plan
Starting in 2012, health insurance plans in Texas — and most of the rest of the country — may have to cough up millions of dollars in rebates to customers.
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Bob Vesey owns Packtech, a foam fabrication company that he started in 2003 in Grand Prairie, Texas, a town near Dallas. The small company has only three employees, and Vesey and his wife have to buy their own health insurance on the individual market.
Currently the couple pays $784 a month to Blue Cross Blue Shield, but the premium keeps going up every year, sometimes twice a year. "Right now I get these letters. I cringe every time I get an envelope from BCBS," Vesey says.
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Insurance companies that now exceed the 20 percent mark for overhead expenditures will have to rebate an estimated $160 million next year to Texans who buy insurance on their own.
Vesey says he'd welcome that: "That would be wonderful. At least you'd know." Without the rebates, Vesey says he and his wife will only get relief after they get on Medicare
http://www.npr.org/blogs/health/2012/01/10/144922562/texas-asks-feds-to-delay-health-insurance-rebate-plan.
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