Insurers owe millions in refunds to Texas policyholders
By Tim Eaton, Austin American-Statesman | |
McClatchy-Tribune Information Services |
The so-called 80/20 rule offers protections to people who have purchased health insurance coverage through their employers or on the individual market.
The rule, which is also known as the medical loss ratio rule, generally requires health insurance companies that sell on the individual market to spend at least 80 percent of premiums on medical care or other activities to improve health care quality, the department said. For the large group market, 85 percent must go to care.
When insurers violate the rule, they have to pay refunds to make up the difference. This year, 6.8 million policyholders in the U.S. will receive more than
The average refund will be
Insurers can make up the difference by writing a check, crediting customers' accounts or making reductions in future premiums. If insurance was purchased through work, employers must provide a refund.
In
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Health insurers owing refunds to Texans
Company / Refunds in the Individual Market / Refunds in the Small Group Market / Refunds in the Large Group Market
American National Life Insurance Co. of
Standard Security Life Insurance Co. of
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