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by Tony Novak, CPA, MBA, MT June 5, 2012
Today the White House announced that United Healthcare's Golden Rule Insurance will refund nearly $8.7 million to more than 30,000 Arizona policyholders. Golden Rule Insurance is typically one of the least expensive insurance options for young, healthy individuals in the state.
Thanks to the Affordable Care Act, the new health care law, health insurers generally have to spend at least 80 percent of premium dollars on health care and quality. If claim estimates fall below this legal limit, insurers must either increase the amount they pay for medical care or give rebates to policyholders. This minimum percentage is called a medical loss ratio. The rule encourages insurers to increase spending on medical costs and holds them accountable if they don’t. Last week, insurers were required to report the refunds that will go to consumers and small businesses later this summer and we have already started to see the effects. Rebates reduce the net cost of insurance.
Premium rates for all of UnitedHealthcare's Golden Rule Insurance plans and secure online application is available online with OnlineNavigator support on request. Because this is a medically underwritten insurance, not everyone qualifies for the lowest rates offered.
The content on this Web page is maintained by consumer finance writer Tony Novak. Comments, feedback, questions and corrections are welcome to help keep content relevant and up-to-date. Contact the author directly by e-mail, on Twitter or through the contact information included on his Web site.
Opinions expressed are the sole responsibility of the author and do not necessarily represent the opinion of Freedom Benefits Association or any other person, company or entity mentioned. Tony Novak operating under the trademarks "Freedom Benefits", "OnlineAdviser" and "OnlineNavigator" is not an agent, broker, producer or navigator for any federal, state or commercial health insurance exchange but may be compensated as an accountant, adviser, consultant, reviewer, endorser or referrer to any firm or product named. Information is from sources believed to be true but cannot be guaranteed.