(INDIANPOLIS) - Indiana consumers who buy their own health insurance will be getting the full bang for their buck the next few years, thanks to Uncle Sam.
The U.S. Department of Health and Human Services on Monday rejected Indiana's bid for an exemption from rules that require insurers selling individual policies to return at least 80% of what they collect in premiums in paying medical bills. They can keep no more than 20% for business costs and profits.
The Indiana Department of Insurance wanted to allow individual carriers to return just 65% in medical care this year, about 69% next year and 72% in 2013.
Indiana and three other states have had requests for exemptions denied but several other states including Kentucky have won them.
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