Saved by Obamacare
Michigan young adults 26 and under are now back on their parents’
family coverage thanks to the Affordable Healthcare Act. This fall,
Governor Snyder sought to exempt Michigan insurance companies from the
Obamacare requirement that they spend at least 80 percent of the
premiums collected on healthcare. Michigan was one of only 13 states
seeking such an exemption.
The Obama administration
fortunately denied Snyder’s request and an estimated 340,000
Michiganders will now be getting $89 million rebated from their
insurance providers. Snyder argued that some private insurers (United
Health, Assurant, Humana and American Enterprise) couldn’t survive on
just 20 percent of your premiums for administrative costs (overhead and
profit). Michigan actually asked that these insurers be approved to rake
off 35 percent of your healthcare dollar...