Health insurance companies are about to give out $1 billion in rebates to approximately 12.8 million Americans, according to CNNMoney.
The average family will get a rebate of $151 as a result of a provision from the 2010 health care reform law that punishes insurers who spend too much on policy holders' premiums for boosting company profits instead of paying for medical care, according to the article.
"The rule helps ensure consumers get fair value for their health care dollar," Health and Human Services Secretary Kathleen Sebelius, said in a statement.
Starting in 2011, the provision required insurance companies to spend 80 to 85 percent of the premiums they collect on medical care, not on their own profits and overhead costs, according to CNNMoney. Insurance companies that didn't meet the federal standard are required to give customers a rebate of the difference by Aug. 1.
- Gary (and Rose) Neeleman: Q and A with a...
- Should toy marketing be gender neutral?
- Bad Santa? 5 tips to tackle your holiday gift...
- Low gas prices are great, but could be...
- What are people gifting this year? Data from...
- Selling gold, precious metals part of...
- More 'Help Wanted' signs up at small businesses
- Wal-Mart tests gift card exchange
- BBC exposes inhumane working conditions... 6
- Sony announces limited release for 'The... 5
- Survey finds fewer women working now... 5
- About Utah: They're best in the world 3
- Should toy marketing be gender neutral? 3
- Low gas prices are great, but could be... 3
- US home sales dropped sharply in November 1
- US consumer spending up solid 0.6 pct.... 1