82% of those Whose Health Insurance Premium Increased

[sman]

I seriously doubt that a jaded government is going to allow these insurance companies to keep ACA money and give it to their "wealthy 1% shareholders".

So only the wealthy 1% are shareholders? There are no "average joe's" who own these stocks in their 401k's or IRA's?

 

[scagnt83]

Cool!!! Welcome to the board, you're a socialist. Thanks guys!!! Also, after 23 years in the business, I think I took one or two "101 courses" but thank you for your snarky response.

You arent an official forum member until someone has accused you of being a socialist or being inept!

Welcome to the forum!

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So only the wealthy 1% are shareholders? There are no "average joe's" who own these stocks in their 401k's or IRA's?

I think the new guy was being sarcastic... saying that is how our current gooberment sees things.

 

[Tkruger]

You arent an official forum member until someone has accused you of being a socialist or being inept!

Welcome to the forum!

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I think the new guy was being sarcastic... saying that is how our current gooberment sees things.

It only took somarco 22K posts....

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And in other news....looks like SCOTUS isn't ruling today

 

[somarco]

Wrong TK. I have been accused of many things long before I even hit the 500 mark.

I also was teaching clients about reserves when RWK was still in elementary school.

 

[RayNY]

I am not sure about that. That money was taken to pay claims on coverage that no longer exists. I seriously doubt that a jaded government is going to allow these insurance companies to keep ACA money and give it to their "wealthy 1% shareholders". Not in this day and age. The government is going to want that cash and the former policyholders will want that money back as well. No sir, I think you are "misunderestimating" the claims that will be placed on this cash should King V Burwell go against the Administration.

I think you're misunderstanding what I wrote, I thought it was clear, but I'll make it clearer:

Step one: pay claims

Step two: if anything is left, pay debts

Step three: if anything is left over, distribute to shareholders.

The gov't has no claim to these funds, nor do the policyholders. Nothing under ACA changed that.

 

[Yagents]

Step three: if anything is left over, distribute to shareholders.

The gov't has no claim to these funds, nor do the policyholders. Nothing under ACA changed that.

For a Non Profit insurer, wouldn't it go back to the policy owners?

 

[scagnt83]

For a Non Profit insurer, wouldn't it go back to the policy owners?

That would be for a Mutual Insurer I think.

 

[Yagents]

Mutually owned, sure.

But what about Non Profit? I see the reason for reserves for the next plague or disaster, but what happens if there are no "shareholders"? Goes back in the states insurance fund?

 

[somarco]

Reserves are rarely distributed to shareholders or policyholders. Reserves are used to pay claims xs of premium revenue.

Sometimes those claims are for the current year, more often than not they are runoff claims.

Reserve requirements are established by the state DOI and can be changed (by the DOI) if deemed necessary.

If a carrier is liquidated all assets (including reserves) may be assumed by the state or a new carrier that buys that block of business.

Carriers that are in financial trouble almost never (if ever) have any xs reserves. Carriers that are financially sound but simply wish to be acquired will have their reserves incorporated by the new company.

 

[scagnt83]

Mutually owned, sure.

But what about Non Profit? I see the reason for reserves for the next plague or disaster, but what happens if there are no "shareholders"? Goes back in the states insurance fund?

I think the main flaw with that is believing that these new non profit carriers actually have reserves... LOL

They are all planning on being bailed out by ObamaBucks