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Fri July 6, 2012
Mo. insurers to issue nearly $61M in refunds
Some of Missouri's largest insurance companies will be refunding consumers almost $61 million this month under a provision of the federal healthcare law. Insurers who failed to spend at least 80 percent of premium-dollars on medical care and quality improvement have to repay the difference to consumers.
Deborah Wiethop is thepublic relations director for Anthem Blue Cross and Blue Shield in Missouri. She says her company has already started to mail out rebate checks.
“We are saying that we are paying less than 10-percent of the amount we collected in premiums last year. So it's a relatively small amount," said Weithop.
According to estimates by the U.S. Department of Health and Human Services, Anthem will pay almost $34 million to Missouri residents this year, under the company names Healthy Alliance and HMO Missouri.
United Healthcare, also known as the Golden Rule Insurance Company, will pay just over $16.5 million. Another $5.5 million will come from Blue Cross and Blue Shield of Kansas City.