HHS Says Health Insurers Will Pay Beneficiaries $1.1 Billion In Rebates
Under the health law, insurance companies must use at least 80 percent of premiums on medical care. Any excess is owed back to customers.
The Associated Press: Checks Not Guaranteed For All Insurance Rebates
The check may not be in the mail. The Obama administration said in a report Thursday that 12.8 million people will benefit from health insurance rebates averaging $151 per household. But the number of families actually getting a check will be much smaller, experts say (Alonso-Zaldivar, 6/21).
Reuters: U.S. Health Insurers To Pay $1.1 Billion In Rebates: HHS
U.S. health insurance companies are due to pay out $1.1 billion in rebates to employers and individuals this summer, under a new industry regulation imposed by President Barack Obama's health care law, the administration said on Thursday. But whether the rebates actually reach those recipients depends on if the U.S. Supreme Court strikes down the 2010 Patient Protection and Affordable Care Act in a ruling expected by the end of next week, experts said (Morgan, 6/21).
The Wall Street Journal: Health-Insurance Rebates Seen Totaling $1.1 Billion
About 12.8 million people are likely to get refunds as part of a provision in the law requiring companies to spend a set proportion of the money they get from insurance premiums on health care or refund the difference to consumers. The average rebate will be around $151 per household, the administration said (Radnofsky, 6/21).
Bloomberg: Insurers To Pay Rebates To 12.8 Million Under Health Law
About 12.8 million Americans will get rebates averaging $151 from their health insurers, the U.S. government said today in its latest announcement touting the 2010 health-care law. The law, which is being weighed by the Supreme Court this month, limits to 20 percent the proportion of revenue from premiums that insurers can keep for profits and administrative expenses. Any excess has to be refunded to customers (Wayne, 6/21).
Medpage Today: Health Insurers Slated To Rebate $1.1 Billion
Health insurers will issue about $1.1 billion in rebates to some 12.8 million policyholders because of the medical loss ratio requirement in the Affordable Care Act (ACA), Department of Health and Human Services officials announced Thursday. The ACA requires that insurers covering large groups must spend at least 85 cents of every dollar of revenue on medical care or "activities that improve healthcare quality." For small group and individual plans, they must spend 80 cents per dollar (Walker, 6/21).
CQ HealthBeat: Insurer Rebate Checks Going Out In August
The rebate checks are supposed to be in the mail by Aug. 1. ... Under the health care law, insurers in the individual and small group markets must spend 80 cents of every premium dollar on medical benefits or quality improvements and 20 cents on administrative costs. The Medical Loss Ratio standard for large group plans is 85/15 (Bunis, 6/21).