Wyoming insurance companies refunding customers under ACA rule

2014-07-25T22:16:00Z 2014-07-26T21:56:35Z Wyoming insurance companies refunding customers under ACA ruleBy TREVOR GRAFF Star-Tribune staff writer The Billings Gazette

Wyoming consumers are receiving more than $1.4 million in health insurance refunds with a new rule of the Affordable Care Act.

U.S. Department of Health and Human Services data shows that 8,203 Wyoming consumers are eligible for the refunds under the 80/20 rule.

The rule requires insurance companies to spend 80 percent of their revenues on patient care. When insurance companies show excessive profits and administrative spending, they are required to pay the refund.

“The 80/20 rule is bringing transparency and competition to the insurance market, ensuring that consumers are continuing to receive value for their premium dollars,” Sylvia Burwell, health and human services secretary, said in a release. “Standards like these created under the health care law are providing Wyomingites with immediate savings and are helping to keep costs down over the long term.”

Refunds will be delivered either as a mailed check, a credited reimbursement to the account of a credit or debit card or a reduction in future premiums over the summer.

James Goossen

Copyright 2014 The Billings Gazette. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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