Health
Coloradans could see $2.7 million in premium refunds from ACA rule
By Electa Draper
The Denver Post
Posted: 07/24/2014 12:10:32 PM MDT
Updated: 07/24/2014 12:18:55 PM MDT
A file image of a stethoscope.
A file image of a stethoscope. (Jupiter Images)
Health and Human Services on Thursday announced that 52,277 consumers in Colorado will get $2.7 million in refunds, an average of $93 a family, from insurance companies this summer because of the Affordable Care Act's 80/20 rule.
The 80/20 rule, also called the Medical Loss Ratio rule, requires that insurers spend at least 80 percent of premium dollars on patient care.
Consumers nationwide have saved a total of $9 billion on health insurance premiums since the 80/20 rule took effect. This year, U.S. consumers will receive $330 million in refunds, with 6.8 million consumers receiving an average of $80 a family.
Coloradans due for a refund will see them in one of these ways:
• A refund check in the mail;
• A lump-sum reimbursement to the credit or debit account used to pay the premium; and,
• A reduction in future premiums.
