Health insurers to pay $1 billion in rebates to 8.2 million people this year
Sdi Productions | E+ | Getty Images
There's a chance your health insurance company owes you some cash.
Depending on how you get your coverage, you may be one of the 8.2 million policyholders expected to get a piece of $1 billion in premium rebates this fall from various insurers, according to a preliminary analysis from the Kaiser Family Foundation.
The amount is down from $2 billion issued in 2021 and a record $2.5 billion in 2020.
"In the last couple of years we've seen some really large rebates — twice the size of this year's amount," said Cynthia Cox, a vice president at the foundation and director of its Affordable Care Act program. "But I'd say $1 billion is still significant."
More from Personal Finance:
IRS working to boost audit rates for higher earners
The U.S. job market is still hot — at least for now
How to pay for college after a financial setback
Generally, you're more likely to see a rebate if you have an individual policy (including through a state health exchange or the federal one) or participate in a small- or large-group plan. (Many of the biggest U.S. employers choose to self-insure, which means their plans don't have to adhere to certain requirements placed on insurance companies. Different rules also apply to Medicare and Medicaid coverage.)
So why are the rebates going out?
Basically, insurance companies that sell group or individual policies must adhere to a "medical loss ratio" requiring them to spend at least 80% of premiums paid by enrollees on health-care costs and certain other expenses related to patient health. (For large group plans, the ratio is 85/15.) If that threshold is not met, enrollees are reimbursed the difference.
Each year, the ratio is calculated based on a rolling three-year average. So the rebates this year derive from insurance companies' financial data from 2019, 2020 and 2021.
This year's refunds — which will go to eligible participants enrolled last year — work out to about $141 per plan participant in the individual market, $155 in the small group market and $78 in large group plans, according to the Kaiser analysis. However, that amount can vary widely, depending on your location and insurer.
Insurers typically either send a check to policyholders or deduct the rebate from premiums (and send a check to individuals no longer enrolled but owed some money). Be aware that if you are in a group plan, your employer may split the rebate with you, Cox said.
If you're entitled to a rebate, you should receive it by Sept. 30.
Babson's Well being Promotion program supplies information, training, and prevention initiatives for a spread of well being topics together with, however not limited to emotional wellbeing, physique image, nutrition, resiliency, sexual well being, sleep, and stress management. Investing in young kids is thought to be one of the cost efficient ways to advertise healthy growth. Bellevue School no discrimina por motivos de raza u origen étnico, credo, shade, origen nacional, sexo, estado civil, orientación sexual, edad, religión, información genética, presencia de cualquier discapacidad sensorial, mental física condición de veterano en sus programas educativos ni en las actividades que administra.
The Pupil Health Middle helps the university by evaluating, treating, maintaining, and selling optimal bodily, mental, and religious nicely-being of the APU scholar physique. These services embody well being promotion and disease prevention, care during acute and chronic phases of sickness, and referrals to outside suppliers when appropriate. Identical day appointments with the nurse or supplier can be found. We offer our patients with high quality well being care and an up-to-date wellness education at a fraction of the worth of off-campus clinics.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/tronc/WZGIWSRHQNAZ5B7LAEQTNUHSSI.JPG)