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Blue Cross Blue Shield of Montana is required to refund nearly $10 million based on its allocation of expenses over the past three years. The average reimbursement is $623.
The Blue Cross Blue Shield of Montana building in Helena. Credit: Freddy Monares / Bozeman Daily Chronicle
Nearly 16,000 Montanans who purchased Blue Cross Blue Shield insurance through the marketplace are set to receive partial reimbursement for premiums paid between 2018 and 2020.
The Affordable Care Act requires insurers selling plans on the marketplace to spend a certain percentage of the premiums they collect on medical or health-related expenses like doctor visits, drug prescriptions and hospital stays. If an insurance company doesn't meet that requirement, it must issue premium reimbursements to its customers.
That threshold, known as a Medical Loss Ratio standard, is 85% for members...
