Health Reform Provision Means $6.2M In Kentucky Insurer Refunds
Kentucky families are set to receive an average of $43 in refunds from four state health insurers.
The refunds are part of what’s known as the “80/20 rule," an Affordable Care Act provision mandating insurance companies spend at least 80 percent of the money they receive in premiums on patient care.
Among the Kentucky insurers prepared to issue refunds this year are Anthem Health Plans of Kentucky, Humana Health Plan, Golden Rule Insurance, and Time Insurance Co.
The money will be mailed in check form, refunded to customers’ accounts, or taken out of future bills. Those receiving insurance through their work will not see direct refunds, however, as the law allows employers to use the funds to improve health coverage.
Nationwide, consumers will receive close to $330 million in refunds – that’s according to a news release from the federal Dept. of Health & Human Services. Kentuckians will see $6.2 million of those funds.