Last year, health insurers returned $74 million in health insurance rebates to individual health insurance policyholders, but this year it looks like small businesses will be getting the biggest share of the rebate pie:
Blue Shield of California owes $24.5 million in rebates to thousands of small-business customers, and rival Anthem Blue Cross will return $12 million to small firms under requirements of the federal healthcare law.
The annual rebates were disclosed in reports to state regulators, and the final tally from some companies may change before they are paid out by Aug. 1.
The rebate is required under the federal Affordable Care Act when insurers fail to spend a minimum of 80% of premiums on medical care for individual and small-business customers.
Blue Shield, Anthem owe small firms millions of dollars in rebates
That’s not to say that individual health insurance policyholders in California won’t be getting any money back this year. 66,000 Kaiser Permanente members will be getting $2.7 million in health insurance rebates back.
Are you expecting a health insurance rebate this year? Tell us about it in our discussion forum!
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- Health Insurers Will Pay Out $1.3 Billion Rebates, But Will You Get One?
- Rising Health Insurance Premiums Squeeze California Small Businesses; Is the Economic Recovery in Jeopardy?
- Health Insurers Owe Californians $74 Million In Insurance Rebates
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