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Fitness Health News

Insurance Companies Giving Checks To Americans

Here’s why.

The government is forcing health insurance companies who have been overcharging customers to give money back to them instead of pocketing any extra cash earned at the end of each month. This can result in many Americans receiving hundreds of dollars by the end of the month due to overcharge.

the Affordable Care Act is enforcing “medical loss ratio” requirements. This means that companies have to spend 80% of their premiums that are of value to the policyholder. If this requirement is not met then the company has to send back an annual rebate in form of a check or credit.

Last year insurance companies owed 2.5 billion dollars in rebates. This is due to the pandemic and not many Americans needing to use the insurance. The amount a person may get from a rebate is vastly different in each state and each plan. some may get as low as $90 and some may get as high as $1,000.