Archive for May, 2012

A Billion Dollars Saved by Health Care Reforms

Money Bag

The Federal Patient Protection and Affordable Care Act, which was signed into law by President Obama on March 23, 2010, contains provisions which require health insurance companies to dedicate a minimum of 80% of their funds to paying claims involving medical care. This section of the law is known as the medical loss ratio. Funds which have not been allocated to paying medical care claims, or quality improvements, must be returned to consumers as a refund or a discount applied to premiums paid the following year. As a result of the Patient Protection and Affordable Care Act, consumers are expected to receive a total of $1.3 billion in refunds this year alone.

The consumers that receive the refunds under Patient Protection and Affordable Care Act regulations include both businesses and individual consumers. However, employers which receive refunds are under no obligation to pass these funds onto their employees. Below you will find a breakdown of which groups stand to gain the greatest refunds from their health insurance companies. Read more…

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Posted by Admin - May 1, 2012 at 1:20 am

Categories: Health Care   Tags: ,