Regulations in Obamacare set up a program to review insurance rate increases and instituted an 80/20 rule, requiring insurance companies to spend no more than 20 percent of consumer premiums on profits and administrative costs. And since September 2011, insurance providers have had justify premium rate increase of more than 10 percent for individual and small group markets. Consumers have saved an estimated $1 billion on their insurance premiums as a result of rate review, and 13 million Americans received $1.1 billion in rebates last year from the 80/20 provision.
No comments:
Post a Comment