Wednesday, July 23, 2014

StayWell Releasing $3.8 Million in Rebate Checks This Week

Guam News - Guam News

Guam - StayWell has announced that it is releasing rebate checks this week totaling $3.8 million dollars to their Guam subscribers

 

READ StayWell release below:

STAYWELL TO RELEASE REBATE CHECKS THIS WEEK
For Immediate Release
July 24, 2012

(Hagatna, GU) -  StayWell Insurance is rebating $3.8 million to employer groups in Guam and $292 thousand to CNMI Government employees for policy year 2011. This is nothing new to StayWell, after all, StayWell has refunded approximately $35 million in refunds to members since 1982. “The refunds and rebates are a direct result of StayWell’s quality initiatives, excellent case management, and members being proactive about their health and wellness.” expressed StayWell President, Francis E. Santos.  StayWell’s unmatched experience and its ability to manage benefits result in a win win situation for the employers and employees.

StayWell group segments include large groups, small groups and individuals. Group segments with 1,000 or more lives are determined to be “credible”. The StayWell Guam large and small group segments along with the StayWell CNMI individual (CNMI government) qualified as credible groups.

Under the Affordable Care Act (“ACA”), insurance companies with credible group segments must comply with the Medical Loss Ratio (“MLR”) regulation as codified in 45 CFR Part 158. The figure below illustrates the MLR formula under ACA. 

ACA MLR = Health Care Claims + Quality Improvement Expenses
                     Premiums- Taxes& Licensing & Regulatory Fees

For Guam, StayWell will distribute the large and small groups a rebate check before August 1, 2012. Each company will then be responsible to determine the distribution method of the rebates. The company may reduce the premiums for the upcoming year or distribute the rebates to the StayWell subscribers.


The StayWell CNMI government subscribers will also be receiving rebates. The checks will be distributed to each policy holder at the StayWell Saipan office on Thursday, July 26th and Friday, July 27th.

StayWell Insurance was founded in 1982 and primarily offered health insurance to the Government of Guam. In the course of the years, StayWell Insurance expanded to private businesses on Guam and the CNMI and personal Home and Auto Insurance.

For more information about StayWell Guam rebates, please contact 671-477-5091 and for more information about StayWell Saipan rebates, please contact 670-323-4260/61.

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