Cigna must refund $2.3 million to Vermont customers

first_imgCIGNA Healthcare,by Alan Panebaker Cigna, a major health insurer of large businesses in Vermont, is on the hook for more than $2 million that it must return to its customers in the state under a provision of the federal health care law.According to numbers released Thursday by the U.S. Department of Health and Human Services, 4,636 Vermonters will receive a rebate ‘averaging out to $506.04 a person (or $807 per family).The rebate is required under a section of the federal Affordable Care Act which requires insurance companies to spend at least 80 percent (or 85 percent in the large group market which is generally insurance through large employers) on medical care.If insurance companies do not meet this requirement, they have to refund the portion of the premium that exceeded the 20 or 15 percent limit on things like administrative expenses.Companies insuring Vermonters in the small group and individual markets met the requirement and did not have to refund any money to their customers.Cigna was the only insurance company that had to refund money to Vermonters. It covers the â large group’market of employers who employ 51 or more people. According to the Department of Health and Human Services, Vermont had the highest average per-person rebate for that market.Steve Kimbell, commissioner of the Vermont Department of Financial Regulation, said he was surprised to learn insurers in Vermont did not meet the requirement.BISHCA Commissioner Steve Kimbell. VTD file photo/Josh Larkinâ As far as I knew, all our major carriers were under [the threshold],’Kimbell said.The state regulators may not have been aware of the issue because it occurred in the large group market. Kimbell said the state regulates the individual and small group insurance markets more closely than the large groups because it requires â community rating’for those markets ‘requiring insurance companies to charge the same premiums for people regardless of how healthy or old they are.The larger groups use â experience rating’where insurance companies can charge a different rate for different people based on differences in their demographics, past health care utilization, medical status and other factors.Kimbell said the department was looking into what businesses this will affect.Nationwide, insurance companies in the large group market are required to return $386 million in rebates, which will go to employers who will in turn return the money to their employees.Anya Rader Wallack, chair of the Green Mountain Care Board, which oversees health care reform in the state, said the failure to meet the federally set ratio could be a result of people seeking less medical care.At the beginning of the year, insurance companies predict how much they will spend on medical care, so a decrease in utilization of health care, which the state has been seeing, could shift that balance to mean a higher percentage went to things other than medical care.â Itâ s a result of a carrier spending less than predicted on actual payments to providers,’Rader Wallack said. â To call it excess administrative expenses I guess is one way of looking at it. The way I look at it is predictions of actual health care expense were much lower than anticipated.âA spokeswoman for Cigna verified the amount owed to Vermonters was a little over $2.3 million. She said Thursday afternoon she was unsure why Cigna had failed to meet the federal requirement.The company must pay the rebate by August 1. Kimbell said it will affect 27 companies in Vermont. As of Thursday afternoon, the Department of Financial Regulation was looking into who those were. In a joint statement, Vermont’s congressional delegation, Senators Leahy andSanders and Representative Welch said, â Insurance premiums should go toward providing care to people who get sick. Thatâ s simply common sense.âNationwide, 12.8 million Americans will benefit from $1.1 billion in rebates under the 80/20 standard.  The medical loss ratio or 80/20 rule is a part of the controversial federal health care law which the US Supreme Court could strike down altogether next week.The court issued opinions Thursday morning, but the ruling on the Affordable Care Act was not one of them. Observers expect a decision by next Thursday.Twenty-six states challenged the constitutionality of the national health care law, arguing the law infringed upon states’rights and individual liberties. They contended the federal government could not compel citizens to purchase health insurance under what is called the â individual mandate.â  June 21, 2012 vtdigger.orglast_img read more

Ships that pass on the motorway

first_imgStay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to industry news as it happensBreaking, daily and weekly e-newsletters Subscribe now for unlimited access To continue enjoying, sign up for free guest accessExisting subscriber? LOGIN Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community Get your free guest access  SIGN UP TODAYlast_img read more

Faymonville gets ready for IAA Hannover

first_imgThe largest exhibit from Faymonville will be the 2+6 CombiMAX combination. With a payload of up to 120 tonnes, it can be equipped with the low PA-X pendle axle.The manufacturer will also showcase a three-axle MegaMAX lowbed semi-trailer, which, due to a removable gooseneck, enables loading from its front end.The three-axle MultiMAX Plus low loader with lifting platform will be on show, too. The semi-trailer has been designed with the transport of lifting vehicles in mind and includes numerous lashing points to secure loads.Featuring a low loading height of 1.1 m, the three-axle TeleMAX plateau semi-trailer with double extension will be on display, demonstrating the semi-trailer’s ability to transport loads with a large volume.The Faymonville Group will also be exhibiting its range of self-propelled vehicles from Cometto. The electronically controlled modules offer load capacities of 60 tonnes or 70 tonnes per axle line.Faymonville’s MAX Trailer brand, meanwhile, has its own booth to showcase the MAX200 mega-trailer and MAX510 lowbed semi-trailer.www.faymonville.comwww.cometto.comwww.maxtrailer.eulast_img read more

Sixth SYM Smart Shop Opens Up in Kluang, Johor

first_imgThe three storey showroom consists of an exclusive SYM showroom, Benelli display corner, service centre, accessories and spare parts display area SYM Malaysia introduces the sixth SYM Smart Shop in Malaysia and the second in Johor state today. The official opening ceremony is graced by Mr.Lu Tien Fu, General Director of Vietnam Manufacturing & Export Processing Co. Ltd, Dato’ Seri Leo Tan Lean Heah, Managing Director of MForce Bike Holdings Sdn Bhd, Mr Asri Ahmad, Operation General Manager of MForce Bike Holdings Sdn Bhd, Mr Leok Kah Ling, Managing Director of Wei Ling Motor Sdn Bhd and Mr Leok Jun Yu, General Manager of Wei Ling Motor Sdn Bhd.The SYM Smart Shop was first introduced in 2014 as a one-stop showroom that showcasing SYM full range of high quality moped and scooters and a service centre which provides after-sales services and consistent supply of original spare-parts of SYM.“With the introduction of Smart Shop by Wei Ling Motor Sdn Bhd in Kluang, we are optimistic that we will gain more market share in coming months. We value the support from Kluang’s and vicinity residents and promise that SYM team will continue to provide the best after-sales services to all SYM riders.”, said Mr. Alex Lim JH, Johor Branch Manager of Mforce Bike Holdings Sdn Bhd.Wei Ling SYM Smart Shop is located at 693 & 695, Jalan Mersing, 86000, Kluang Johor. The newly renovated corner lot showroom is rather strategic and prominent. The three storey showroom consists of an exclusive SYM showroom, Benelli display corner, service centre, accessories and spare parts display area.The service centre equipped with two service bay which will be operating from 9:30am – 6:30pm daily, close on every Sunday. Total shop lot built up area approximates 10,000 square feet.For more information, please contact SYM Smart Shop at 07-773 3288 or log on to SYM official website at .CLICK HERE to find out all of the available SYM motorcycles in our Bike Buyer’s Guide.CLICK HERE to find out all of the available Benelli motorcycles in our Bike Buyer’s Guide.–Ads– The sixth SYM Smart Shop in the country has started its operations in Kluang, Johorcenter_img It’s a one-stop showroom that showcasing SYM full range of high quality moped and scooters and a service centre which provides after-sales serviceslast_img read more