Thirteen health care insurance companies owe $60 million in rebates to 821,814 Florida residents.
More than 40 percent of the total is owed by Florida Blue, which operates Blue Cross and Blue Shield of Florida and Health Options, according to a report from the Centers for Medicare & Medicaid Services.
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The Affordable Care Act requires health insurance companies in the individual and small group markets spend at least 80 percent of premium dollars on health care and activities that improve the quality of health care, rather than on administrative costs such as salaries and marketing.
In the large group market, issuers are required to spend at least 85 percent of premium dollars on medical care and related activities.
Insurance companies that fail to meet this standard owe consumers a refund in the form of lower premiums or a check, CMS said.
Here are the other 11 companies that owe money to Floridians:
- Companion Life Insurance Co., $53,967
- Connecticut General Life Insurance Co., $7.8 million
- Freedom Life Insurance Co of America, $117,362
- Golden Rule Insurance Co., $9.4 million
- Humana Health Insurance Co. of Florida Inc., $2.2 million
- Humana Insurance Co., $5.3 million
- Medica Health Plans of Florida Inc., $23,909
- Mid-West National Life Insurance Co. of Tennessee, $1.7 million
- Standard Security Life Insurance Co. of New York, $46,784
- UnitedHealthcare Insurance Co., $7.7 million
- UnitedHealthcare of Florida Inc., $520,520
Nationwide, about 5.5 million consumers are due nearly $470 million in rebates, an average of $129 per family.
In Florida, the average rebate is $114. Consumers who are owed a rebate for 2014 should have received a notice from their issuer by Oct. 30, CMS said.
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(via TBBJ)