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Health Insurance Providers to Send Rebates to Customers

money and medicine
Photo courtesy of Images_of_Money/Flickr

A provision in the Affordable Care Act requires insurance companies to spend minimum of 80 percent of their premium dollars on healthcare instead of administrative costs or advertising. Across the country, many insurance companies failed to meet that standard and will be required in the coming weeks to send nearly $2,600,000.00 back to their customers. 13,400 families in Montana are covered by policies that didn’t reach that standard and according to Center for Medicare and Medicaid spokesman Mike Fierberg, those families are set to receive rebates averaging 198 dollars. Six Montana insurance providers failed to reach the requirement and, according to Fierberg, many of those are already in trouble for “excessively raising their premiums.”

 

Center for Medicaid and Medicare Spokesman Mike Fierberg:

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Although no numbers have been published to show how far insurance companies went below the 80% benchmark, Fierberg was able to reveal that the names of the companies that did not reach the goal.

In the Small Group Market:

John Alden Life Insurance Company

New West Health Services

WMI Mutual Insurance Company


In the Individual market:

John Alden Life Insurance Company

Mega life and Health Insurance Company

Time Insurance Company

World Insurance Company

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