CT insurers owe $3M in Obamacare refunds
More than 69,000 Connecticut residents are in line to split up just over $3 million in premium refunds this year as a result of a rule created by the Affordable Care Act, federal officials announced.
The ACA’s medical loss ratio rule, or 80-20 rule, requires insurers to spend 80 percent of their premium dollars on health care, rather than salaries, marketing and other overhead expenses. If an insurance company is found to have not hit that mark, it must refund consumers, according to the U.S. Department of Health and Human Services.
The refunds can come in several forms: Some people will receive checks or reimbursements to bank cards, while others will see a reduction in future premiums. Those with employer-based coverage may see their employer use the refunds to improve the company’s health plan.
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