Blue Cross NC to Lower ACA Rates for 2020 & MLR Rebates

There is no better time to be a member of Blue Cross NC than right now! For the first time since Blue Cross offered Obamacare plans  five years ago, there will be a 5.5% average rate decrease for 2020 Affordable Care Act (ACA) plans offered to individuals. This equals  means a $230 million reduction in health care costs in 2020!  
This sounds exciting, but to one who is not insurance savvy, what does this all really mean? What this means is that everyone within the 100 counties in NC will see a market rate reduction, which will affect about 435,000 people within these areas.  Rates will still vary according to age, location, subsidy amount and plan.  Remember, your premiums will adjust annually for your age, this reduction applies to the “base premium.”  So Good News Here!
 
Medical Loss Ratio Rebates
 
To best understand what this is about, let us guide you through some quick definitions. 
MLR- this is the Medical Loss Ratio, which under the Affordable Care Act requires insurance companies to pay at least 80% of their premium dollars in medical claims. If they pay less than this, they are required to rebate the difference back to their customers.
As of September 30th, BCBSNC will begin mailing rebates to eligible subscribers. If you are under 65 and your monthly premiums are more than the amount of your refund, the rebates will be done via credit on your October Invoice. Nothing else is needed, if you are eligible you will be notified, if you think you are eligible and do not get notified, simply call the Member Services telephone number on the back of your member ID.  
 Questions ? Please feel free to contact your Trout Insurance Agent. ​

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