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.
- Housing recovery slowest since World War II,...
- Another year, another small Social Security bump
- Fire exposes illegal Chinese factories in Italy
- Developer to build replica major league...
- Millennials may do career and home life...
- Federal Reserve Chair Janet Yellen says US...
- NC-based FairPoint poised for growth after...
- Dave Ramsey says: Rehabbing your house for...
- Housing recovery slowest since World... 11
- US jobless aid applications fall to... 5
- Audit cites 'inadequate oversight' in... 5
- How students are engaging textbook... 4
- Millennials may do career and home life... 3
- Another year, another small Social... 2
- HBO unleashes streaming from cable... 1
- Federal Reserve Chair Janet Yellen says... 1