Health Insurance Refunds Coming Soon

June 22, 2012

If the rising cost’s of health insurance has put your finances in an unhealthy condition, some relief could soon be on the way.   Health and Human Services Secretary Kathleen Sebelius announced that 12.8 million Americans would benefit from $1.1 billion in rebates.

According to the Affordable Care Act, health insurers are required to spend on average at least 80% of premiums on actual medical care, instead of overhead and profits. Many health insurance agencies apparently have not been applying these percentages to their monthly spending.

The Department of Health and Human Services recently announced the final refund amounts that health insurers will have to hand over, with the average family receiving $151 back from their providers.

DeAnn Friedholm, Director of health reform at Consumers Union, the policy and advocacy division of Consumer Reports, says “This is exciting news for families struggling with rising health insurance costs. Because of the health reform law, consumers now are actually getting money back from insurance companies who spent too much money on overhead.”

If you’d like to see a projected list of insurance companies who are expected to be handing out refunds, click here.

It’s certainly a good sign to see that health insurance companies are being kept in check,and even a better sign to see them writing checks instead of you for a change!