Health insurance companies will send out about $330 million in rebates to employers and individuals this summer under the medical loss ratio rule under the Patient Protection and Affordable Care Act, the U.S. Department of Health and Human Services said Thursday.
All told, since 2011, carriers have returned about $9 billion to consumers because of the PPACA provision.
About 6.8 million people will receive rebates, and the average family will receive about $80 this year, HHS said in a report. Rebates are to be sent by Aug. 1 either directly to consumers or to the employer providing the health coverage, who is required to pass the savings onto employees.
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