An Arlington health insurance agent says insurers gave out approximately $2 billion in 2020 rebates thanks to a provision in the Affordable Care Act...

ARLINGTON, TEXAS, UNITED STATES, January 18, 2022 /EINPresswire.com/ -- Health insurance in Arlington and the people who have it will continue to see rebates on critical healthcare needs thanks to the medical loss ratio provision in the Affordable Care Act. According to multiple reports, health insurers have already given out $2 billion in rebates for 2020 to nearly 10 million consumers. This list was sent out at the end of December by the Centers for Medicare & Medicaid Services, showing proof that insurers are living up to the bill’s requirements.

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According to the terms of the ACA, insurers are required to spend a certain percentage of a consumers’ premium payments on medical claims. The rest should go to administrative costs. The medical-loss ratio is currently set at 80% for individual and small group market insurers and 85% for larger group plans. Individuals and families who are enrolled in the Affordable Care Act should receive rebates by September 30 via either a premium credit, lump-sum check, credit card, or direct debit. This includes those with Arlington health insurance. “For the 2020 reporting year, health insurers provided approximately $1.3 billion in rebates in the individual market, $384 million in the small group market and $291 million in the large group market,” CMS said in an article by fierceheallthcare.com

Rick Thornton, an Arlington health insurance agent said that according to the article above, the breakdown estimate includes approximately 4.8 million people in the individual market and 5 million in the small and large group markets. He also pointed to one sentence in particular that came from the above article. It stated in full, “The $2 billion in rebates is well above the $1.3 billion insurers had to dole out for the 2019 plan year, according to a report from the Kaiser Family Foundation,” the article said.

Insurance4Dallas, (I4D), helps insure all of Texas, Oklahoma, Arkansas, Arizona, Louisiana, New Mexico, Alabama, Virginia and Florida. Insurance4Dallas provides consumers with detailed information on health insurance with the ability to purchase health insurance online. Insurance4Dallas provides a full spectrum of health, dental, vision, life and ancillary insurance products, providing a diverse selection of price and benefit options complemented by personal customer service. Available via phone, email or fax, Insurance4Dallas answers consumer questions throughout the purchasing process and during the utilization of its health insurance policies.

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