Expected completion: January 29, 2011.
Monday, March 29, 2010
Every year health insurers have to report to the Secretary what percentage of their revenues go toward reimbursement for health care, health care improvements, and all other costs not including taxes and regulatory fees. The Secretary will post them online. The Secretary and NAIC will come up with standard definitions for these reports.
From now until 2014, if an insurance company increases their spending by more than 20-25% per year spends more than 20-25% per year on stuff other than claims and taxes, then they have to give a rebate to the people who bought the plan. The more they increase spending in these areas (not on healthcare), the more they have to refund. States can make the percentage smaller (it's 20% for group plans, 25% for individual plans).
Hospitals have to publish what their standard charges are for services each year.