|Targeted News Service|
"These rebates to over 150,000 Coloradans show one of the ways that the Affordable Care Act is making sure consumers are getting what they paid for with their premiums: health care, not increased insurer profits," Udall said. "Making sure more premium dollars are directed toward patients and not bureaucracy means lower costs, better quality and greater health care access for all Coloradans."
The Affordable Care Act's Medical Loss Ratio standard requires that health insurers that spend excessive amounts on bureaucracy, red tape, or executive salaries -- more than 20 percent of the premiums they collect -- send their customers rebates by
"This new standard is increasing transparency and accountability, promoting better business practices and competition among insurance companies, and ensuring consumers receive value for their premium dollars," Health and Human Services Secretary
Coloradans owed a rebate will see their value reflected in one of the following:
* A rebate check in the mail;
* A lump-sum reimbursement to the same account that they used to pay the premium if by credit card or debit card;
* A reduction in their premiums; or,
* Their employer using rebates to improve their health coverage.
Udall has been a vocal supporter of the various cost-saving provisions in the Affordable Care Act and how the law has expanded health coverage for thousands of Coloradans. He recently hailed a study showing how the law saved thousands of
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