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Friday, August 3, 2012

Are you due a rebate check from your insurance company?

Don't throw it out! That check that looks like junk mail may be your insurance rebate.  Millions of Americans will receive a rebate check this year due to the Affordable Care Act.  Insurance Rebates Seen as Early Benefit of Health Care Law 

ABC World News (7/31, story 6, 0:40, Sawyer) reported, "The new Obama healthcare law requires insurers to hand out rebates tomorrow. If they haven't spent enough of your premium money up to 85% on healthcare itself. If you buy direct coverage, you could get a check possibly for hundreds of dollars. If you work for a company that provides your insurance, your boss gets the rebate and can decide whether to pass it on to you."

The CBS Evening News (7/31, story 7, 2:30, Pelley) reported, "There is a little known part of the healthcare reform law that requires insurance companies to spend 80% of their premiums on healthcare, or reimburse the customer." CBS (Tracy) added, "It requires insurance companies to spend at least 80% of the money they collect in premiums on actual medical care. No more than 20% of premiums can be spent on salaries, bonuses and advertising. ... The idea was to force insurers to get rising costs under control."

ABC News (8/1, Percha) reports that in total, 12.8 million Americans will receive $1.1 billion in rebates, at an average of $151 per family.