736K self-insured Florida residents to get rebate
The Florida Department of Health and Human services announced that health insurers will pay $124 million to about 1.3 million Florida self-insured residents. The amount may vary but the average is about $168 rebate per household.
This rebate is part of President Obama’s 80/20 rule in his Affordable Care Act. This health care reform requires insurance companies to spend at least 80% of consumer’s premium dollars directly on patients, medical care, and quality improvement. The other 20% should be allocated for administrative and operating cost such as salaries, sales, and marketing.
Insurance companies who do not meet the 80/20 rule must send rebates to their policyholders not later than August 1 this year. It has been reported that about a third of the insurance companies have not met the 80/20 standards.
On a national level, health care insurers will refund about $1.1 billion to 12.8 million people.
The Health and Human Services noted that some insurance companies spent as little as 60% of premium dollars on consumers, during which, these companies saw record profits while policyholders only saw record premiums.
There is no qualification or application needed. Residents who maintain a personal health insurance policy and deserve a rebate will either receive a check in the mail or credit will be reflected on their next insurance bill.
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