Health insurance refunds coming to 75,000 retired Illinois workers

Health Insurance Illinois

State workers to receive insurance refunds from the state due to ruling by the Illinois Supreme Court Approximately 75,000 retired Illinois workers may be receiving refunds on their health insurance coverage in February next year. The refunds are part of an ongoing legal battle that began centered on a law that was passed in 2012. The law required retired workers to cover the insurance costs with a portion of their pensions. A recent ruling from the Illinois Supreme Court requires insurance companies to return this money to policyholders. State law…

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Medical loss ratio provision could have saved Illinois residents millions according to Commonwealth Fund report

Health care reform medical loss ratio study The Commonwealth Fund, an independent foundation based in New York that researchers health care policies, has released a new report concerning the medical loss ratio (MLR) provision of the Affordable Care Act. The MLR provision requires insurance companies to spend no less than 80% of the money they collect from premiums on improving medical care. If insurers cannot meet this standard, the money must be returned to policyholders. The provision took effect in 2011, but has been mired in litigation and bureaucracy, which…

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Louisiana insurance rebates remain unclaimed by policyholders eligible to claim the money

Louisiana Insurance Commissioner Jim Donelon says that $270 million in insurance rebates still remains unclaimed by policyholders this week. Late last month, Donelon issued a notice to policyholders explaining that they could be eligible for rebates. Thus far, however, no one has come forward looking to claim their share of the money. If the funds remain unclaimed, the state may seek to take control of the money. Such a move would only be possible if the state’s Legislature passes new laws regarding the matter. The money was recovered from property/casualty…

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Delaware insurance regulators recover $1.8 million in premiums after nine-month investigation

Delaware residents are in for some good news as Insurance Commissioner Karen Stewart declares the recovery of more than $1.8 million in premiums. The money was recovered from a number of insurance companies that have been under investigation for the past nine months. These companies had been the subject of consumer complaints, which were funneled to Stewart through the Department of Insurance. The funds will begin being issued to consumers next year. Fraud and malpractice have been a problematic issue for the state’s insurance industry for some time. In order…

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More changes maybe looming for insurance refunds

The FHA, a provider of mortgage insurance, has been slowly changing their rules on insurance refunds through-out the past few years. Currently, you may qualify for a refund if you financed your newly purchased home within a three year time period, with a FHA loan and then refinance it today with another government insured mortgage. What’s been changing is the time period to qualify – within the past decade this open window for consumers has gone from 7 to 5 and now 3 years. Some speculate this refund of insurance premiums…

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