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Consumers across the country are starting to hear the good news about their health insurance costs.
Thanks to the Affordable Care Act, the new health care law, health insurers generally have to spend at least 80 percent of your premium dollars on health care and quality, not administrative overhead. This minimum percentage is called a medical loss ratio. If your insurer doesn’t meet or exceed this standard, they must rebate you the difference.
The rule encourages insurers to give you better value for your premium dollar and holds them accountable if they don’t. Last week, insurers were required to report the refunds that will go to consumers and small businesses later this summer and we have already started to see the effects:
This is just one way the new health care law is helping American families and businesses get a fair deal when it comes to their health care. Learn more at obamawhitehouse.archives.gov/healthreform.