Fierce Healthcare December 17, 2021
Insurers gave out approximately $2 billion in rebates for 2020 to nearly 10 million consumers under the Affordable Care Act’s (ACA’s) medical loss ratio provision.
The Centers for Medicare & Medicaid Services (CMS) released Friday a list of insurers that sent out payments for the past year.
The ACA requires insurers to spend a certain percentage of a consumers’ premium payments on medical claims and the rest on administrative costs. The medical loss ratio is 80% for individual and small group market insurers and 85% for larger group plans.
A plan must send rebates to customers by Sept. 30 via either a premium credit, lump-sum check, credit card or direct debit.
“For the 2020 reporting year, health insurers provided...
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