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Health Insurers Owe More Than $1.2 Million In Refunds In Ohio
By: Associated Press
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Federal officials say around 35,000 Ohioans will benefit from more than $1.2 million in refunds from insurance companies because of a provision in President Barack Obama's health care law.
The U.S. Department of Health and Human Services released the figures Thursday.
The law requires insurance companies to spend at least 80 percent of the premiums they collect on medical care and quality improvement, or return the difference to consumers and employers.
Residents could see the money come back in one of several ways.
Employers can apply rebates in a way that benefits workers or take a discount on future premiums. Individual policyholders owed a rebate will either get a check, a reimbursement to their credit or debit card account or see a reduction in future premiums.