Some good news for health care consumers: a check for you might be in the mail.
The last of rebates to consumers from health insurers were due to be sent out this week. Aug. 1 was the deadline for health insurers to issue rebates or premium credits if they didn’t spend at least 80 percent of their 2011 premiums on medical care—and not on administrative costs such as salaries.
Aug. 1 also marked the date that eight new preventative services for women went into effect, also due to the Patient Protection and Affordable Care Act.
Nationally, about $1.1 billion in rebates were to be issued.
Checks are largely varied, though most rebates have been fairly small. Depending on the plan, rebates are distributed directly to consumers or to their employers. Employers will have 90 days from receipt of a check to make payments to participants.
According to U.S. Department of Health and Human Services, 62 percent of people in the individual market, 83 percent of people in the small group market, and 89 percent of people in the large group market fell at or below the medical loss ratio standard.
The rebates under the MLR ratio requirements will reoccur every Aug. 1.