Tag: health insurance refunds

Ohio health insurance refunds will come to $11.3 million

Nordstrom
Homeowners Insurance in Florida

The rebates will be sent out to families in checks averaging $139 per family. This summer the Ohio health insurance rebates will be sending over 81,000 families throughout the state a total of $11.3 million. These refunds are a part of a nationwide repayment of $1.1 billion. On average, the rebate checks that will be received will be $139 for individuals and families with Ohio health insurance. However, some of the 81,500 families who will be receiving the payments will receive much more than that. In fact, the larger payments…

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New ruling on health care reform rebates for insurance coverage

Julie Campbell
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…

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

S.Vagus
Health Insurance refund

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

S.Vagus

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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Millions of Americans may receive rebates from insurers this year

Julie Campbell

Before the summer draws to a close, millions of people across the United States will be receiving rebates from their insurers, due to the new federal healthcare reform requirements that have placed strict rules on the way that insurance companies spend their earnings. This regulation is not without opposition. The entire insurance industry, along with a large number of state officials, have been battling this rule for some time. Based on the federal regulations that went into effect at the end of 2011, health insurance companies are required to spend…

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Insurers to disclose information regarding their efforts to improve medical care this year

Nordstrom

Last week, the Department of Health and Human Services (HHS) announced that consumers will begin receiving information on how their premiums are being spent this year. The Affordable Care Act requires insurance companies to spend no less than 80% of the money they collect from premiums on improving medical care. The federal law also requires insurers to inform consumers on how this money is being spent and how much has been spent thus far. HHS Secretary Kathleen Sebelius believes that this is a major step toward keeping insurance companies accountable…

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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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