Floridians To Get Back Nearly $42M From Health Insurance Companies
Nearly one million Floridians who purchased their health insurance through the federal exchange, could get some money back this Summer.
Floridians are due nearly $42 million in refunds through the Affordable Care Act.
According to the federal health law, insurers have to spend 80 percent of revenue from the premiums people pay directly on healthcare. The formula is called a Medical Loss Ratio, and it’s in place largely to control costs. Companies that don’t meet the MLR have to reimburse customers. In Florida, that means more than 20 insurers will pay back $41.7 million to consumers. Blue Cross Blue Shield of Florida has the largest bill at more than $10 million alone in its small market plans.
The Golden Rule Insurance company will have to pay back more than $4 million to consumers who purchased its individual coverage plans.
Florida’s rebate bill also tops bigger states like California, Texas and New York, which together, will see reimbursements totaling slightly less than what’s coming to Florida.
According to the federal government, a Florida family that purchased a health insurance plan on the exchange will get back $65.