Several health insurance companies will owe Floridians nearly $149 million in rebates this summer for failing to meet profit caps outlined in the federal health care overhaul. Lynn Hatter reports an analysis done by the non-partisan Kaiser Family Foundation found that the nationwide rebate total is $1.3 billion.
Under the Federal Healthcare Law, insurers that provide individual coverage must spend at least 80 percent of the money they collect in premiums on actual patient care. The threshold for large group plans is 85 percent. Those rules are called a medical loss ratio. Companies that failed to meet those are on the hook for reimbursements to consumers.
Last year Florida unsuccessfully petitioned the federal government for a waiver to the Medical Loss Ratio rules.
The healthcare advocacy group Florida Chain has issued a report on how much the companies may owe: Florida Blue formerly known as Blue Cross Blue Sheild of Florida, is on the hook for about $45 million; United Healthcare is at $20 million, and Humana is at $12 million.
