Mass., Calif. Insurers Will Pay Millions In Rebates To Their Customers
Nationally, insurers are expected to return about $1.3 billion.
Boston Globe: Four Massachusetts Health Insurers To Rebate $46 Million
Four health insurers will return $46 million to Massachusetts customers in the coming weeks because the companies spent too much money collected as premiums on administrative costs and surpluses in 2011. Tufts Health Plan will return the most — about $25 million. About 5,000 members who have an individual Tufts plan will get an average rebate of $260. About 14,000 small businesses will receive an average rebate of $1,700 (Conaboy, 6/2).
WBUR's CommonHealth blog: $45 Million In Insurance Rebates Headed Your Way
State law says health insurers in Massachusetts must spend at least 88% of every premium dollar on medical services. Last year, members used less care than insurers had collected money to cover, so most of the state's largest health plans are returning the difference. Nationally, health plans are expected to return $1.3 billion (Bebinger, 4/1).
Los Angeles Times: Health Insurers Owe Rebates To Many California Policyholders
Anthem Blue Cross owes some California policyholders nearly $40 million in rebates and nonprofit rival Blue Shield of California owes about $11 million under a requirement of the federal healthcare law (Terhune, 6/2).