How much interest is owed to a contracted provider for the late payment of claims?
A. A health insurance issuer who fails to pay a claimant (provider or insured) within the time frames specified in the law/regulation must pay a late payment adjustment equal to one percent of the amount due. For any period greater than twenty-five days past the due date, the health insurance issuer must pay an additional late payment adjustment equal to one percent of the unpaid balance due for each month or partial month that such claim remains unpaid.
