Health Insurers to Send Some Refunds to Consumers

Most of us have become accustomed to spend increasing amounts of our hard earned money to pay for health insurance. But this summer insurance is back with sending some of that money. A provision of the health reform law requires insurers that less than 80% to 85% of the premium money they collect money for medical services and improving the quality, Äì, manager salaries, overhead and marketing, Äì discount agreements contrary to the difference to the employer or health Plan members who pay for the coverage. This discount is in fact expected for 2011 with payments later this year. Plans are required to report to the Department of Health and Human Services (HHS) to submit each year to show how much they spent and on what. The first report, by 1 June 2012. What, AOS in it for me?

If your health did not plan to spend AOT at least 80% of the money it for insurance premiums on health care costs (as a medical loss ratio) you get back Äôll be some of the money you paid for your coverage either collected in the form of a check or credit against your insurance premium.



You know, Äôll if you AORE because first for a discount up to August this year when insurance companies are required to send plan members left a letter they know if a refund is on the way.

The cost of overpayment

How much money can you expect? That, AOS is not known for sure, but the Commonwealth Fund released a report last week. With some hints of what to come, AOS.

In a state-by-state analysis, the report notes that if the insurance companies had discounts taken into effect in 2010, consumers would have received a total of nearly $ 2 billion discounts. Residents of Texas and Florida would have seen the highest amounts. For consumers who are eligible for a discount, according to the report, the average amount may be in the $ 100 to $ 300 per person range, and occasionally more. Nearly $ 1 billion, according to the study, would buy 5.3 million people, reporting on their own (as opposed to those who got insurance at work contrast) were returned. That is more than half (53%) of all people nationwide who. Buying their plans on the individual insurance market.

In addition, about 10 million people would, or 23% of respondents with employer-based health plan that might give you a discount if the rule had been in effect for the year 2010.

The report does not, AOT, can say how much consumers expect to see, again this year, but the estimates in the report offer some clues. He also points to the likelihood that the future, motivated insurers to lower their prices or use more of the money we all pay each month for coverage of medical care to avoid that rebate money consumers. What are your thoughts on to reimburse the health insurers with the consumer money? Share your opinion in the comments below.