Last month, audits showed Medicare Advantage was overbilling. The Centers for Medicare and Medicaid Services countered by proposing a plan that would require insurers to release pricing data. (Photo: iStock)

A proposal by the Centers for Medicare and Medicaid Services to publicly release pricing data that is used when insurers make bids on Medicare Advantage plans has garnered fierce opposition from — you guessed it — insurance companies.

As is the case for the Affordable Care Act individual insurance market, insurers that seek to offer Medicare Advantage plans must annually submit bids outlining the premiums they will charge. They are required to justify the premiums by submitting their projected medical loss ratio, or the amount of premium revenue that will be directed towards medical care, rather than profit.

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