Guam News - Guam News
Guam - On August first all health insurers on Guam will be required to give back a combined $15 million dollars in rebates on premiums paid by island employers and individuals for their health care coverage.
The healthcare.gov website lists the rebate amounts owed by all insurers in each of the 50 states and territories.
Pressident Obama's Affordable Care Act requires the rebates. Insurance companies now must reveal how much of the premium dollars they actually spent on health care and how much they spend on administration, such as salaries and marketing. If an insurance company spends less than 80% of premiums on medical care (or less than 85% for large employers), the insurer must rebate the portion of premium dollars that exceeded the limit.
Some legislators have speculated that Calvo's Selectcare alone, could owe GovGuam as much as $18 million dollars in rebates on the GovGuam Health Insurance program.
But Calvo SelectCare plan administrator Frank Campillo says that is not accurate.
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"My only comment is that the information is public in the what is called the center for insurance oversight and consumer information a website created by the united states government and the numbers combined numbers of all the insurance companies on Guam is closer to about $15 million dollars combined and that again is across small groups and large groups,” said Campillo.
Of the $15-million total, Campillo said Calvo's Selectcare will have to rebate about $8.2 million to GovGuam.
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