On April 25, the Obama administration issued new standards for Medicaid private insurance plans, according to abc News.
Here are six key points:
1. Per the standards, insurance companies must guarantee access to specific types of service providers.
2. Of the amount insurers are paid, payers must spend at least 85 percent on medical care.
3. The administration's updated standards apply to payers operating in 39 states and Washington, D.C.
4. The government has not updated Medicaid standards for private insurance plans for more than a decade.
5. The standards will go into effect Jan. 1, 2017.
6. Each year, Medicaid costs the nation nearly $500 billion.
More articles on coding & billing:
ACA premiums will likely increase in 2017 — 5 observations
Healthcare costs ranks as #1 economic burden — 6 findings
Florida Gov. Rick Scott signs healthcare transparency bill; vetoes bill providing financial incentives — 5 highlights