Monday, July 23, 2012
I Got Free Money From The Affordable Care Act! Thank You President Obama.
I eagerly ripped open the envelope. Sure enough, it was a check, along with a long explanatory letter. According to Blue Cross, I am getting a refund on my insurance premiums thanks to the constitutional passage of the Affordable Care Act aka Obamacare. Obamacare stipulates that at least 80% of an insurer's premiums must go towards "activities to improve health care quality." How much did Blue Cross shortchange state residents on improving healthcare in California? According to their auditors, they only paid 79.9% of the premiums collected on medical care. Thus because of the ACA, the company has to refund me my portion of the $1,286,555,778.00 in insurance premiums they received in California last year. So what is my share of the $1,286,555.78 the company is refunding to Californians? If you look way down at the bottom of the letter, you'll see that I got a check with the princely sum of $2.58. According to the letter, even this miniscule amount may be taxable income, "Please consult your tax advisor, as situations vary."
Thank you President Obama. I knew you were looking out for the little guy.