Do You have a Health Insurance Rebate Coming?

Topic Summary: On June 21, the U.S. Department of Health and Human Services announced that 12.8 million Americans with health insurance were due $1.1 billion in rebates under the act's medical loss ratio rule that took effect last year.

That Affordable Care Act rule requires insurance companies to spend at least 80 percent of subscriber premiums on health-care claims and quality improvement initiatives. The other 20 percent is left for administrative costs and profits.

Not all money will flow directly to consumers: For those who receive insurance through their workplace, the health insurance plan will send a rebate to the employer. It is then the employer's responsibility to either pass that rebate on to the individual or use it in other ways that may benefit the employee, such as lowering premiums for the next year.

Customers in every state will, however, receive a notice with information on the new requirement, whether their insurance plan missed the threshold and, if it did, by how much.

To see the average rebate per state CLICK HERE


For more information, and closer estimates of your potential rebate  Click HERE



To check and see if your insurance company  must refund premiums Click HERE