Maryland HB865 mandates interest on late-paid health insurance claims and requires separate remittance advice for the interest owed.

Maryland HB865 amends the insurance laws to require insurers, nonprofit health service plans, and health maintenance organizations to pay interest on late-paid clean claims. The interest rate is 1.5% for claims unpaid from the 31st to the 60th day after receipt. The bill also mandates that these entities provide separate remittance advice that identifies and itemizes the interest owed. This law aims to ensure timely reimbursement and clear communication regarding interest on late-paid claims.

Maryland HB865 mandates interest on late-paid health insurance claims and requires separate remittance advice for the interest owed.

Maryland HB865 amends the insurance laws to require insurers, nonprofit health service plans, and health maintenance organizations to pay interest on late-paid clean claims. The interest rate is 1.5% for claims unpaid from the 31st to the 60th day after receipt. The bill also mandates that these entities provide separate remittance advice that identifies and itemizes the interest owed. This law aims to ensure timely reimbursement and clear communication regarding interest on late-paid claims.