All Reimbursements Required to be Rebated by Tomorrow
Families in Colorado are receiving over $27 million in reimbursements from their health insurance companies because of a provision, known as the Medical Loss Ratio (MLR) rule, in the Affordable Care Act. The provision requires insurance companies to spend at least 80 percent of premiums on medical care and quality or reimburse their customers by August 1, 2012.
“These reimbursements will help families who have watched their median income decline and daily costs rise over the past decade,” Bennet said. “Although there’s more we can do to keep health care costs down, now Coloradans and Americans have assurances that their health insurance premiums are largely used to provide health care services and not for administrative costs.”
More than 208,000 Colorado consumers in 2012 are receiving a total of $27,452,769 in rebates, which works out to approximately $227 per family.
For more information, please visit http://www.healthcare.gov/law/resources/reports/mlr-rebates06212012a.html.