Did you get a rebate?
Health insurers owed Virginians slightly more than $43 million in rebates as part of the federal health care law.
Nearly 687,000 Virginians have received rebates on average of $115 from insurance companies because of a provision in the Affordable Care Act requiring at least 80 percent of premiums be spent on medical care as opposed to administrative costs. For employers with more than 51 workers the minimum threshold for premium dollars spent on medical care is 85 percent.
The law applies to the individual, small group and large group markets. Under the law the rebates had to be paid by Wednesday, with many people having received checks at the end of July.
In some instances the rebate could be used as a credit to offset future health care costs.
Did you receive a rebate?
August 6, 2012 - 1:35 PM
No we did not. Our provider exceeded those limits. They’re a Maryland-based company, for whatever difference that makes.
@Other John The state shouldn’t matter. If the insurer didn’t meet the standard, there are other options besides the rebate. People could also see: 1. A lump-sum reimbursement to the same account that was used to pay the premium if it was paid by credit card or debit card 2. A direct reduction in future premiums 3. Applying the rebate to a wellness type benefit for its employees.
If the your insurance company didn’t meet the standard, you should have received a letter from the insurance company explaining it to you.
My son got a little less than $3 back from Anthem. The next month they raised his premium by $8.
I got a letter from my insurance company about getting a rebate. My employer falls under the 85/15 rule and didn’t meet the 85% (they spent 83%) so I’m supposed to be getting some kind of rebate. Don’t know how my employer will give it since I’ve heard nothing from them yet. I’ll be contacting them about it today!
Although I received a letter indicating that I “should” receive a rebate, I have not yet. My employer has received the rebate but it has not gone any further (been applied to next year’s premiums or in a check cut to me) because they aren’t sure how to pay it out (or at least this is my loose understanding of the situation). Interesting that by law I should have received the rebate by Wednesday. How in the world do you enforce this?
As the office manager of a small business I can tell you all the info the insurance company sent out is not real clear about how you refund the money. As best I understand if you give it out in a check there could be taxes owed on the amount. Since employees pay a portion of the premium we just credited it to the premium due. It was also nowhere near the average of $115.00.
I got a letter from my insurance company about getting a rebate. My employer falls under the 85/15 rule and didn’t meet the 85% (they spent 83%) so I’m supposed to be getting some kind of rebate. Don’t know how my employer will give it since I’ve heard nothing from them yet. I’ll be contacting them about it today!