Sometimes, getting more means paying less.
The state Insurance Commissioner’s Office reports that part of health care reform – the 80 / 20 rule – means more money in your pocket.
That rule is simple: at least 80 percent of the money consumers like you pay for health insurance should actually get spent on health care, not red tape, profits and bonuses.
The 80 / 20 rule is meant to protect patients and create a level playing field, so that no insurance company can abnormally profit from skimping on health care – and no insurer gets penalized by the stock market for spending more on patient care instead of profits.
This part of health care reform is working nationally, according to a recent report by the U.S. Department of Health and Human Services. It’s also working here in Washington state, according to the Insurance Commissioner’s Office, with consumers getting refunds last year when their health insurance companies went south of the 80 / 20 line. A total of 9,605 families in Washington received $792,846 in refunds last year.
Click here for more information on health care reform in Washington state or call the consumer advocate line at 800-562-6900.