Insurance company Approximately $2 billion in rebates have been paid To 9.8 million people, because the amount of insurance premiums used for care is lower than the threshold specified in the Affordable Care Act.
According to the ACA’s medical loss rate regulations, health insurance companies must cover at least 80% of the insurance costs in individual or small group plans for medical claims, or at least 85% of large group plans. Any amount below this threshold must be returned in the form of rebates.
The rebate amount is particularly high because many people postponed care last year and the hospital cancelled surgical operations to save masks and equipment. For example, UnitedHealth Group Report The health care rate in the first three months of 2021 is 82.3%. In contrast, the figure for the first three months of 2020 is only 77.7%.
According to data from the Medicare and Medicaid Service Center, last year, insurance companies paid a total of US$1.9 billion in rebates, including US$1.3 billion for people who insured through individual market plans.
This year, people who get insurance through personal insurance and group insurance will distribute their checks almost equally. Approximately 4.8 million people get rebates from personal insurance and 5 million people get rebates through group insurance.
Most insurance companies must pay the rebate through premium credit, check or credit card reimbursement before the end of September.
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