I just received a nice little rebate from my insurer due to the Medical Loss Ratio required by my state.
The accompanying notice says that since the ACA allows individual states to require a higher ratio than 80%, that my insurer "must meet a 88% Medical Loss Ratio, meaning that 88% of premiums must be spent on medical services and activities to improve health care quality, and no more than 12% of premiums may be spent on administrative costs."
Apparently, this insurer spent only 83.9% last year on these activities.
So I got a rebate equal to more than 1 month's worth of premiums.
Anyone else get lucky this year?
The accompanying notice says that since the ACA allows individual states to require a higher ratio than 80%, that my insurer "must meet a 88% Medical Loss Ratio, meaning that 88% of premiums must be spent on medical services and activities to improve health care quality, and no more than 12% of premiums may be spent on administrative costs."
Apparently, this insurer spent only 83.9% last year on these activities.
So I got a rebate equal to more than 1 month's worth of premiums.
Anyone else get lucky this year?