Blue Cross Blue Shield of North Carolina just announced it will issue nearly $156 million in insurance premium refunds to more than 215,000 policy holders as a result of upcoming plan changes included in the Affordable Care Act. From the Triangle Business Journal:
Blue Cross and Blue Shield of North Carolina will issue by the end of the year $155.8 million in refunds to more than 215,000 customers as part of the federal Affordable Care Act…
The refund is being offered as a result of the federal health care reform act. The dollars are coming from active life reserves, money put aside at the early years of a policy to pay for future claims. The reform effort, which goes into effect in 2014, will change many policies, and as a result, the reserves are needed for a shorter period of time.
Democrats in Congress and President Obama enacted landmark health insurance reform to make health coverage more affordable for small businesses and families, and protect young adults, the middle class, women, and seniors. Despite the clear benefits of health insurance reform – Republican leaders are standing with insurance companies and want to repeal the Patient’s Bill of Rights which protects Americans from discrimination when they need it most – when they get sick or have a pre-existing condition.