The Obama administration announced that 300,000 Illinoisans will benefit from nearly $62 million in rebates from insurance companies because of the federal health law that critics have labeled “Obamacare.”
The law requires insurance companies to spend at least 80 percent of the premiums they collect on medical care and quality improvement — or return the difference to consumers and employers by Aug. 1.
The administration says the Illinois rebates will average $380 for the 163,000 families covered by policies not meeting the standard. Some will go to individuals and some to employers, who can apply rebates in a way that benefits workers.
Individual policyholders owed a rebate will either get a check, a reimbursement to their credit card account or see a reduction in future premiums.
Nationally, health insurers are due to pay an aggregate $1.1 billion in rebates to employers and individuals this summer.
Was this article valuable?
Here are more articles you may enjoy.
Kentucky Scrapyard Workers Describe UPS Plane Crash That Destroyed Their Business 
Insurance IPOs Hit 20-Year High on Wall Street 
No Firm Is Immune if AI Bubble Bursts, Google CEO Tells BBC 
Single Loose Wire Led to Blackout That Caused Dali Crash Into Baltimore Bridge From This Issue
