Health insurance companies — including the state's largest provider, BlueCross BlueShield of Tennessee — mailed nearly $50 million in rebates to almost 500,000 individual policy holders in compliance with the Affordable Care Act, according to the Times Free Press.
The health care law requires insurers to give out rebates by Aug. 1 for any premiums collected in the previous year if less than 80 percent of those premiums were paid to healthcare providers. This applies to individual plans and small employer groups. Eighty-five percent of insurance premium dollars must be paid for large employer groups.
Nationally, $1.1 billion will be distributed to 12 million Americans. Cigna Healthcare, which has a major processing center in Chattanooga, said 7 to 8 percent of its customers will receive rebates this year.
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The health care law requires insurers to give out rebates by Aug. 1 for any premiums collected in the previous year if less than 80 percent of those premiums were paid to healthcare providers. This applies to individual plans and small employer groups. Eighty-five percent of insurance premium dollars must be paid for large employer groups.
Nationally, $1.1 billion will be distributed to 12 million Americans. Cigna Healthcare, which has a major processing center in Chattanooga, said 7 to 8 percent of its customers will receive rebates this year.
More Articles on Health Insurance:
Massachusetts Health Insurance Companies Seize Opportunity to Expand Business
Survey: 46.3 Million Americans Without Health Insurance
Consumer-Directed US Health Insurance Gains Traction