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Rebates to be issued by December 15th
The
New York State Department of Financial Services (formerly Department of
Insurance) has direct oversight of the laws that govern health insurance
companies. One of the laws under the prior approval provision, sets the minimum loss ratio requirement
for community-rated large and small group insurance plans at
82%. The minimum loss ratio dictated by this regulation is
considered in establishing our premium rates.
Each
year carriers are required to compute the actual medical loss ratios
for the prior calendar year for each community-rated block of business and
report these to the Department of Financial Services.
For
the 2010 reporting year, MVP's "Preferred
Care" HMO products sold only in the Rochester region
reported an actual medical loss ratio equal to
81.4%.
As
a result, all large employer groups in force in one of the these
HMO products in 2010 will be eligible for a rebate. This rebate will be paid to the group by December
15th.
MVP
Health Care is working diligently to complete the paperwork to ensure a
timely rebate to the affected groups. If applicable, a
letter with a listing of your groups that are entitled to a rebate will be
sent to you in the next few weeks.
In
the meantime, if you have any questions please feel free to contact your
marketing sales representative.
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