© 2024 WFSU Public Media
WFSU News · Tallahassee · Panama City · Thomasville
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Floridians To Get Back Nearly $42M From Health Insurance Companies

flickr.com/Creative Commons

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.

Follow @HatterLynn

Lynn Hatter is a Florida A&M University graduate with a bachelor’s degree in journalism. Lynn has served as reporter/producer for WFSU since 2007 with education and health care issues as her key coverage areas.  She is an award-winning member of the Capital Press Corps and has participated in the NPR Kaiser Health News Reporting Partnership and NPR Education Initiative. 

Find complete bio, contact info, and more stories here.