About 134,000 families in Kentucky will get money back from their health insurance companies this summer. The families, representing about 249,000 people, will get a total of $15.3 million in rebates, which averages out to about $114 for each family. The returns are the result of the Patient Protection and Affordable Care Act.
“As part of the controversial 2010 health insurance overhaul pushed by President Barack Obama, insurance companies must spend 80 percent of all premiums they collect to pay claims or improve health outcomes,” reports Beth Musgrave for the Lexington Herald-Leader. “The remaining 20 percent may be spent on administrative costs, such as salaries and advertising.”
Insurance companies that did not meet that standard must return the money by Aug. 1. How much each family gets depends on their health insurance policy. (Read more)