Health insurance survey shows most policyholders don’t know about premium rebates

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It also examined the ways in which people will be using this money, and other issues. According to the results from an eHealthInsurance survey, most people who purchase individual health insurance are unaware of the fact that the Affordable Care Act of 2010 may mean that they will be receiving a partial refund of the premiums that they paid last year for their coverage. The healthcare reform law requires that insurers send rebates to policyholders if they failed to spend at least 80 percent of their income from premiums on…

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Kaiser Foundation report predicts health insurance rebates for U.S. workers

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Rebates spurred by Affordable Care Act The Kaiser Family Foundation has released a new report that shows U.S. consumers can expect to see large rebates from health insurance companies. These rebates come courtesy of the federal Affordable Care Act. One of the law’s provisions, known as medical loss ratio, requires insurers to pay no less than 80% of the money they collect from premiums on improving medical care. If companies cannot meet this standard, they must return this money to policyholders. The Kaiser report notes that those receiving health insurance…

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Texas consumers eligible for health insurance rebates may see a lower amount than originally thought

In Texas, some 690,000 consumers may receive approximately $160 million in insurance rebates in August. The money comes as part of the medical loss ratio provision of the Affordable Care Act, which dictates that insurers must pay at least 80% of the money they collect from premiums on medical care and if they cannot meet this standard they must return the money to policyholders. This may be good news for consumers, but state regulators are looking to cut the amount of rebates by three quarters. The state’s Insurance Department is…

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Michigan losses fight for medical loss ratio exemption. Consumer could get as much as $89 million in rebates next year

Michigan lawmakers have failed to obtain an exemption from the federal government regarding the new medical loss ratio provision of the Affordable Care Act. The provision requires the state’s health insurers to pay no less than 80% of the money they collect from premiums on improving medical care. If insurers cannot meet this standard, they must return the money to policyholders. Legislators in Michigan have been fighting for an exemption, but federal legislators denied the effort early this week. According to state regulators, consumers may be eligible for $89 million…

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The National Association of Insurance Commissioners withdraws its support of an insurance bill on its way to Congress

Insurance brokers have been rallying behind a controversial bill before Congress. The bill was first introduced last month by Senator Mike Rogers of Michigan. The legislation seeks to remove the sales agent fees from insurers’ administrative costs. Supporters of the bill assert that it will help protect the jobs of agents. Furthermore, by reducing costs, insurers will be able to transfer the savings down to consumers. For insurers, the bill holds such promise that they were hoping that federal insurance regulators would endorse it. Regulators, however, have a much different…

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