Missourians will benefit greatly as one of the major provisions of the Affordable Care Act kicks in. The Affordable Care Act requires that insurance companies spend 80 percent of premiums on medical care and quality improvements, or refund the difference. Insurers who have used premiums on excessive administrative costs will have to cut refund checks to their customers by August 1, 2012. This means approximately 588,000 Missourians should expect to receive refund checks from their health insurance company as a part of the $60 million total owed to health-insured Missourians.
This is just one more way the Affordable Care Act is putting fairness back into the health care system and power into the hands of the consumer. Whether it’s requiring reasonable premiums based on actual services provided, allowing a child to remain on their parent’s policy until the age of 26, eliminating pre-existing conditions exclusions, or providing access to preventative health care: The Affordable Care Act is good for Missouri.
Find out more about benefits of the Affordable Care Act: www.healthcare.gov/