News from Fox Business:

If you have health insurance, you may be getting some money back this summer.

Consumers and small businesses will receive an estimated $ 1.3 billion in premium rebates from insurers that last year failed to meet new federal health care reform standards designed to purge excessive administrative costs and profit-taking from America’s health plans.

The new standard, known as the “medical loss ratio,” or MLR, requires an insurer to spend at least 80% of your premium directly on your medical care if you purchased your own policy, or 85% if you’re insured under an employer’s plan. When those marks are missed, the Affordable Care Act requires the insurance company to refund the difference. The first of these annual rounds of insurance rebates, which cover premiums collected last year, must be issued by Aug. 1.
Many who buy own insurance will get rebate

The latest rebate estimates by the nonpartisan Kaiser Family Foundation are based on an analysis of 2011 premium data that insurers filed with the National Association of Insurance Commissioners.

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