Village To Keep 90 Percent Of Obamacare Money
The Village pays for 90 percent of the insurance premiums for Village employees. Now that they're getting money back from the insurance companies, they'll be pocketing about $16,000.
Village employees will each receive a $14 check from the Village because of health insurance industry reforms, but the Village will keep the remaining $16,000.
Craig Vaughn, of David Insurance, told the Village Board earlier this month that their insurance carrier, United Healthcare, has to refund $17,852.00 to the Village. But because the Village pays 90 percent of the premium, the remaining 10 percent will be divided up between the employees.
Village administrator Mark Janiuk said the Village would put the money in the village’s general fund.
For larger employers, the Affordable Care Act mandates insurance companies to spend at least 85 percent of all premium dollars on health care services and health care quality improvement. If the goal isn’t met, they have to rebate the difference to consumers.