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.
- Dave Ramsey says: Don't make comparisons when...
- Raising a kid will cost you $245,000 —...
- 12 kinds of office emails you'll get tonight
- UTA to upgrade downtown Salt Lake TRAX stations
- Utah exceeds Gov. Herbert's jobs goal
- Proposed collector natural gas lines in Moab...
- Emerging solar plants scorch birds in mid-air
- Small business survey results indicate...
- Emerging solar plants scorch birds in... 13
- 12 women who should be on dollar bills 11
- Proposed collector natural gas lines in... 7
- Balancing act: Readers dispute... 4
- New grant money helps combat air pollution 4
- Dave Ramsey says: Don't make... 4
- Raising a kid will cost you $245,000... 3
- Utah exceeds Gov. Herbert's jobs goal 2