Even more proof that MLR (Medical Loss Ratio) as mandated by Obamneycrap is stupid. The New York Dept of Insurance has decided that health insurance companies overcharged policyholders in 2010 and has ordered them to refund $114 million.Empire’s refund payment to consumers was tallied at a little over $61 million. The other big New York player, UnitedHealthcare, has an affiliate (Oxford) involved in the refund.
Empire BlueCross BlueShield is New York’s largest insurer. In terms of overall membership, across business lines, the for-profit plan insures nearly 6 million New Yorkers. It is New York’s second largest insurer in the Small Group market, with about a 15% market share.
Empire Blue Cross, the states largest insurer is expected to refund a little over $61 million to some 6 million residents.
For those without a calculator, that works out to $10 per insured.
Seems like we need a new category.
Stupid MLR tricks.