Live Insurance News

Health insurance companies in Arkansas owe $7.1 million in rebates

November 30, 2015November 28, 2015 S.Vagus

Insurers are finding it difficult to comply with a provision of the Affordable Care Act Arkansas businesses and consumers are owed a great deal of money from the state’s health insurance companies. According to the Centers for Medicare and Medicaid Services, these companies collected too much in premiums last year and are now required by federal law to reimburse consumers and businesses. Per the Affordable Care Act, insurers are required to spend no less than 80% of the money they collect from premiums on medical care, something that some insurers…

Health care reform provision is helping consumer tremendously

May 15, 2014May 14, 2014 Logan B.

Medical loss ratio provision is turning out to be a major boon for consumers One of the provisions of the Affordable Care Act is having a major financial impact on the country by providing better benefits to consumers. The Commonwealth Fund has released a new report that highlights the affect that this provision of the health care reform law is having. The report shows that consumers have received some $3.25 billion in benefits over the past two years. This due to the provision known as the medical loss ratio. Provision…

Minnesota health insurance companies issue $8.9 million in rebates

August 8, 2012August 7, 2012 S.Vagus

Consumers to receive $8.9 million in rebates this summer Minnesota health insurance consumers are expected to receive some $8.9 million in rebates this summer, according to state officials. Senator Al Franken held a press conference on August 6 to provide information on the rebates and why they were significantly lower than what Minnesota health insurance companies had anticipated. Earlier this year, insurers predicted that consumers would receive some $14.6 million in rebates due to the medical loss ratio provision of the Affordable Care Act. Minnesota health insurance companies may have…

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

June 22, 2012 S.Vagus

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.…

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

April 27, 2012May 26, 2012 S.Vagus

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…

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

April 9, 2012April 9, 2012 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…

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

February 20, 2012 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…