Health insurers owe South Carolina customers above-average refunds
By Lauren Sausser, The Post and Courier, Charleston, S.C. | |
McClatchy-Tribune Information Services |
The Affordable Care Act requires insurers to spend at least 80 percent of premium dollars on "patient care and quality improvement activities." Because the companies spent too little in those areas, the "Medical Loss Ratio" rule mandates that they return some money to
The federal government reports 205,229 consumers insured in the individual and small group markets in
This is the third year the Medical Loss Ratio rule has been enforced, said
"It's difficult to gauge how much the 80 percent . will be for a given year," Farmer said. "Rates are set on a prospective basis, so they're never going to be right on the mark."
Customers in
In
BlueCross BlueShield, the largest private insurance company in the state, owes customers more than any other insurer in
"Our rebates vary among customers. Each year we estimate the coming year's future medical costs while rebates are based on past claims for actual medical costs," Embry-Tautenhan said. "Aside from the complex calculations and data collection, the challenge is really one of perception in that it potentially creates a false impression of overpricing."
Companies that owe refunds must either send a check via mail, reimburse the customers directly to the accounts used to pay the premiums, reduce future premiums or improve future health coverage.
"The 80/20 rule is bringing transparency and competition to the insurance market, ensuring that consumers are continuing to receive value for their premium dollars," said
Reach
Medical insurance rebates
The following insurance companies owe
BlueChoice HealthPlan of
Individual market:
Small group market:
BlueCross and
Individual market:
Small group market:
Individual market:
Small group market:
Individual market:
Small group market:
Individual market:
Small group market:
Individual market:
Small group market:
Mid-West National Life Insurance Company of
Individual market:
Small group market:
Individual market:
Small group market:
Standard Security Life Insurance Company of
Individual market:
Small group market:
The United States Life Ins. Co. in the
Individual market:
Small group market:
Individual market:
Small group market:
Source:
___
(c)2014 The Post and Courier (Charleston, S.C.)
Visit The Post and Courier (Charleston, S.C.) at www.postandcourier.com
Distributed by MCT Information Services
Wordcount: | 697 |
Stratus Video Interpreting Predicts $1 Billion Market Shift to Video Remote Interpreting by 2016 as Court and Healthcare Systems Heed Cost-Effectiveness
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News