Are health insurance company payout ratios and individual fines still in place?

[Snidely Whiplash]

Are health insurance company payout ratios and uninsured fines still in place?

Due to personal circumstances I haven’t really followed the intricacies of private health insurance and ACA issues as much as I should have recently. Please forgive me if my terminology is not quite correct. As it relates to private health care insurance policies ….

(1) I remember several years ago receiving rebate checks if the private health insurance plan didn't spend the appropriate percentage amount on claims. I haven’t received a check like that in several years. Should I assume insurance companies are no longer bound by that requirement?

(2) Is the personal penalty for having (or rather, not having) health insurance still in place? Are the low cost catastrophic health insurance plans still available?

 

[MichaelB]

(1) I remember several years ago receiving rebate checks if the private health insurance plan didn't spend the appropriate percentage amount on claims. I haven’t received a check like that in several years. Should I assume insurance companies are no longer bound by that requirement?

This requirement is still in force.

(2) Is the personal penalty for having (or rather, not having) health insurance still in place? Are the low cost catastrophic health insurance plans still available?

This no longer applies.

 

[PaunchyPirate]

In my 4 completed ACA years, I have never received a rebate check from my insurer. So it's not a guarantee one will be issued as business changes. However, as MichaelB indicates, I believe the law is still in place to require rebates when they are appropriate.

 

[jim584672]

Some states have state enforced Individual Mandates and fines.

 

[scrabbler1]

Although I haven't received any of those rebate checks since 2012-2013, in the letter I get every year from my IC about its filed rate increases they mention how they have to pay out a minimum percentage of the premium for claims.

The 2017 Form 1040 shows a line (61) for health insurance individual responsibility. In the 2018 form, the first one after the 2017 TCJA got passed and eliminated the penalty, that line is gone.

 

[Snidely Whiplash]

This is a big help to me. Thanks to each of you for taking the time to reply.