Health insurance rebates come in at $1.1 billion for consumers this summer

Disability Insurance News

Rebates generated by medical loss ratio provision The Department of Health and Human Services (HHS) has announced that U.S. health insurance consumers are due to receive significant rebates in the coming months. The agency claims that millions of people throughout the country are eligible to receive $1.1 billion in health insurance rebates this year. The rebates are linked to the failure of several insurance companies who were unable to meet a federal standard imposed by the Affordable Care Act. The standard is often referred to as the medical loss ratio.…

Read More

California health insurance rebates to be sent out to small businesses

Health Insurance Refund

UnitedHealth is expected to issue $3.5 million in these refunds California health insurance giant, UnitedHealth, is the first in the state to declare the total amount in rebates that it will be issuing to small businesses due to the fact that its spending on medical care costs did not reach the 80 percent requirement under the healthcare reform laws. There will be approximately $3.5 million split among almost 4,400 small business across the state. The rebates will be received throughout the summer as the insurer also gets itself ready to…

Read More

Report: Arizona consumers to receive health insurance rebates

Homeowners Insurance in Florida

Affordable Care Act brings refunds to Arizona The future of the Affordable Care Act may be uncertain, but for now it is bringing some degree of financial benefit to consumers throughout the country. A new report from Consumers Union, a non-profit testing and information organization shows that Arizona insurance consumers can expect to see refunds this year, thanks to the health care law’s medical loss ratio (MLR) provision. According to this provision, health insurers are required to spend no less than 80% of the money they collect from premiums toward…

Read More

The health care reform timeline for rebates

Homeowners Insurance in Florida

Estimates say that 2012 will see a total of $1.3 billion but that there is a wide variety among states. An analysis performed by the Kaiser Family Foundation has estimated that there will be rebates totaling $1.3 billion for consumers and businesses by the end of August this year. This money will come from insurance companies that spent more than the maximum allowed on non-care expenses. The Affordable Care Act states that only 20 percent of the income taken in from premiums can be spent on administrative and other costs…

Read More

New ruling on health care reform rebates for insurance coverage

Michigan health insurance

Medical insurers must now inform policyholders that their checks are from the Obama administration’s changes. New federal guidelines have just been released, informing insurance companies that they must inform their policyholders that health care rebates that they are receiving are the result of the laws put into place by the Obama administration following the overhaul of the system. This is the most recent step being taken by the President to highlight the benefits of the law ahead of the election this fall. This move is being made despite the fact…

Read More