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Affordable Care Act brings good news for health insurance for individuals in Virginia

It's been reported that health insurance for individuals in Virginia has seen some residents benefit from President Obama's new health care reforms. Recent reports said that American health insurance consumers have saved about $2.1 billion on premiums for health insurance due to some of the Affordable Care Act's (ACA) provisions.

One of the Act's provisions states that health insurance firms have to justify any insurance premium rates of 10 per cent and higher. This is designed to protect Americans from any unjustified and excessive rate increases. A recent report by AFP Business.com states that the health insurance rate reviews have saved Americans approximately $1 billion already.

Another provision of the ACA is known as the 80/20 law. This has been implemented to make sure that health insurance providers spend a minimum of 80 per cent of customers' insurance premiums on patient care. If a health insurance business doesn't meet this requirement then it must give rebates to its customers to make up for the difference. As of September 2012, customers have received $1.1 billion in rebate checks.

The rules were introduced to provide accountability and transparency in the health care marketplace. Consumers in Virginia have saved a considerable amount of money since the regulations came into effect and millions of people are receiving money back from their insurance carriers for the first time ever. The ACA is helping out the states by providing them with grants for health insurance rate reviews. A total of 42 states so far have taken the grants and used them to make the process of reviewing insurance rates more transparent and stronger.

The state of Virginia is using the funds from the grant to target reviews with specific insurance companies. It's also creating templates which will provide standardized submissions for rate filing. If you'd like any more information on the ACA and/or health insurance for individuals in Virginia please get in touch with us at Insurance and Financial Services at 1-866-748-4200.

Our licensed, independent agents will be able to provide you with all the information you're looking for regarding health insurance for individuals in Virginia as well as family and group health plans. We'll be able to explain how each type of health plan operates and what it does and doesn't cover. You'll know exactly what type of coverage you have before committing to a health plan and how much it will cost.

If you'd like to look around for online rates please visit www.ifshealth.com and take advantage of our free instant-quote search engine.