I Love the fact that getting 20% of what you are entitled to is a “BENEFIT” in Farmers Home office opinion !!
Why don’t they give Zurich only 20% of the $3.2 BILLION they got last year in profits and see if Zurich thinks that is a “benefit” of not having to count all those dollars ??
Farmers is the only company that would only pay 20% of Medical bills reimbursement due and call it a “BENEFIT”.
Why don’t they give Zurich only 20% of last year $3.2 Billion profit and tell them, it is a “benefit” and see what happens !!
It would be nice if the commentors tried reading the article before spouting off. Farmers was paying the 80th percentile of usual and customary, which is more than these providers would get from a private health insurer or medicare. I would’t be surprised if Farmers lost money on PIP coverage over the years even though they tried to hold the line on costs. Yes only paying 80th percentile IS a benefit to the policyholder as long as the amount is not balance-billed to them. For example in NJ, balance billing is illegal. Thus if a bill is reduced to Usual and Customary or the fee scheduled amount, the patient is not responsible for the difference. So, if a policyholder has $50,000 in coverage and $75,000 in bills, under this ruling the policyholder eats the $25,000 difference. However, if the insurer can reduce the exhorbitant charges to a reasonable figure and only pay $35,000 to settle the charges, then the policyholder is protected and still has $15,000 in coverage left for additional care if it’s needed.
I Love the fact that getting 20% of what you are entitled to is a “BENEFIT” in Farmers Home office opinion !!
Why don’t they give Zurich only 20% of the $3.2 BILLION they got last year in profits and see if Zurich thinks that is a “benefit” of not having to count all those dollars ??
Farmers is the only company that would only pay 20% of Medical bills reimbursement due and call it a “BENEFIT”.
Why don’t they give Zurich only 20% of last year $3.2 Billion profit and tell them, it is a “benefit” and see what happens !!
It would be nice if the commentors tried reading the article before spouting off. Farmers was paying the 80th percentile of usual and customary, which is more than these providers would get from a private health insurer or medicare. I would’t be surprised if Farmers lost money on PIP coverage over the years even though they tried to hold the line on costs. Yes only paying 80th percentile IS a benefit to the policyholder as long as the amount is not balance-billed to them. For example in NJ, balance billing is illegal. Thus if a bill is reduced to Usual and Customary or the fee scheduled amount, the patient is not responsible for the difference. So, if a policyholder has $50,000 in coverage and $75,000 in bills, under this ruling the policyholder eats the $25,000 difference. However, if the insurer can reduce the exhorbitant charges to a reasonable figure and only pay $35,000 to settle the charges, then the policyholder is protected and still has $15,000 in coverage left for additional care if it’s needed.