INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.
Medical loss ratio rebates are at an all time high at $2.5 billion last year and on track for $2.1 billing this year.
On a recent segment the two discussed and explain what the medical lost ratio rebates are and how people qualify for it (individual vs group plans vs self insured big company sponsored plans).
The No Surprises Act – What is it?
* In the closing days of 2020, Congress enacted and the President signed into law the No Surprises Act, providing new federal consumer protections against surprise medical bills. The No Surprises Act contains key protections to help consumers with the cost of unanticipated out-of-network medical bills.
* Independent dispute resolution (IDR). The IDR process will be “baseball-style <https://www.benefitspro.com/sites/benefitspro/2019/02/11/baseball-style-arbitration-to-settle-medical-bills/>,” such that the health plan and medical provider will each propose their desired reimbursement for the services in question, and the arbitrator will ultimately choose one of those two submissions. There is no middle ground; one party will unequivocally win, and the other will unequivocally lose.
* Transparency…advocacy…consumer protections…
The Price of Business show notes, “Bethany is the Founder and CEO of Web Benefits Design. Bethany has over 22 years of industry experience in the healthcare, benefits, and information technology industries. Bethany’s multiple responsibilities include product development, marketing, sales, account management, compliance, human resources and operations. Bethany co-founded Web Benefits Design and has led its growth into one of the nation’s leaders in benefits administration technology and full service outsourcing solutions. Bethany graduated from Florida State University with a Risk Management Insurance and Actuarial Science degree.”
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