8:46 PM | 81 notes | http://tmblr.co/ZynHKxNx2fi2
12.8 million Americans will receive $1.1 billion in rebates from insurers that have not met minimum spending guidelines in Obamacare, the administration announced Thursday morning. The Affordable Care Act requires insurers to spend 80 to 85 percent of premium dollars on health care services or issue rebates to policy holders. The average rebate is valued at $151 per household.
It’s worth noting that you only get a rebate check if you pay for an individual policy. If your health insurance is through your workplace they get the money.*
Still awesome news though.
*The companies get the money and then must pass the savings on - which means they can either:
- give their employees a check for the individual reimbursed amount (unlikely), or
- via reimbursement into the account that they use to pay premiums through debit or credit card, or
- by reduction in future premiums.