Affordable Care Act Will Force Insurance Companies to Pay Back Millions in S.C.
Written by Jamie Sanderson
Tuesday, 10 July 2012 08:46
You probably hear it all the time. The Republicans are trumpeting on the soapboxes their lies about the Affordable Care Act. One of the major lies is that it will cost the government millions.
It won't. However, it will cost what Republicans consider their "government" aka corporations. Specifically, health insurance companies.
On June 1, 2012, insurance companies nationwide submitted their annual MLR reports for coverage provided in 2011 to the Department of Health and Human Services (HHS). Based on this data, insurance companies that didn’t meet the 80/20 rule will provide nearly 12.8 million Americans with more than $1.1 billion in rebates this year. Americans receiving the rebate will benefit from an average rebate of $151 per household. Under the new health care law, rebates must be paid by Aug. 1 each year.
Now, let's look at what is expected to be paid out by various insurance carriers to South Carolina residents.
South Carolina
Individual Market
Golden Rule Ins Co: $4,310,965
Mid West Natl Life Ins Co Of TN: $230,427
Time Ins Co: $1,279,063
BCBS Of SC Inc: $8,296,869
Wellpath Select Inc: $329,238
BlueChoice Hlthplan of SC Inc: $831,207
Total: $15,277,769
Large Employer Market
Connecticut Gen Life Ins Co: $54,594
Total: $54,594
Small Employer Market
Trustmark Life Ins Co: $465,681
John Alden Life Ins Co: $303,733
UnitedHealthcare Ins Co: $845,747
BCBS Of SC Inc: $341,766
Wellpath Select Inc: $406,087
BlueChoice Hlthplan of SC Inc: $1,934,776
Total: $4,297,790
More information can be found at http://yourhealthsecurity.org/health-insurance-refund-list-2011
It won't. However, it will cost what Republicans consider their "government" aka corporations. Specifically, health insurance companies.
On June 1, 2012, insurance companies nationwide submitted their annual MLR reports for coverage provided in 2011 to the Department of Health and Human Services (HHS). Based on this data, insurance companies that didn’t meet the 80/20 rule will provide nearly 12.8 million Americans with more than $1.1 billion in rebates this year. Americans receiving the rebate will benefit from an average rebate of $151 per household. Under the new health care law, rebates must be paid by Aug. 1 each year.
Now, let's look at what is expected to be paid out by various insurance carriers to South Carolina residents.
South Carolina
Individual Market
Golden Rule Ins Co: $4,310,965
Mid West Natl Life Ins Co Of TN: $230,427
Time Ins Co: $1,279,063
BCBS Of SC Inc: $8,296,869
Wellpath Select Inc: $329,238
BlueChoice Hlthplan of SC Inc: $831,207
Total: $15,277,769
Large Employer Market
Connecticut Gen Life Ins Co: $54,594
Total: $54,594
Small Employer Market
Trustmark Life Ins Co: $465,681
John Alden Life Ins Co: $303,733
UnitedHealthcare Ins Co: $845,747
BCBS Of SC Inc: $341,766
Wellpath Select Inc: $406,087
BlueChoice Hlthplan of SC Inc: $1,934,776
Total: $4,297,790
More information can be found at http://yourhealthsecurity.org/health-insurance-refund-list-2011
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