HEALTH INSURANCE REBATES... Some Americans could be eligible for financial compensation via health insurance rebates through a provision of the Affordable Care Act that covers “medical loss ratio” requirements.
According to Yahoo News, insurance companies are required to spend 80% of their premiums on “claims and other activities of value to policyholders.”
The remaining 20% goes to overhead costs.
The numbers are slightly different for large group insurance plans with 50 employees or more – 85% of the premiums go to activities of value with overhead capped at 15%.
If an insurance provider does not meet these rules, the difference has to go back to participants in the form of a rebate credit or check.
And the expected rebate amounts vary by market, but a Kaiser Family Foundation estimate puts this year’s rebates for individual markets at $1.5 billion with small group market insurers issuing $308 million in rebates and large group market insurers issuing $310 million in rebates.
Some 10.7 million people are expected to qualify Make sure you check with your carrier, concerning available rebates.
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