Nearly 5,000 Washington residents are getting rebates on their health insurance, courtesy of the new federal health law.
If you bought an individual health plan from an out-of-state company called Time Insurance, then you should be getting money back. The plans are sold under the brand, Assurant Health. The company sells primarily high-deductible health coverage.
Under the new federal health law, the Affordable Care Act, insurance companies selling to individuals are not allowed to spend more than 20% of your premium dollar on overhead or profit. Anything above 20% must be refunded to customers.
The rebates in Washington will average $161 per customer. Just two companies in Washington have to give rebates this year -- Assurant Health to individuals, and United Healthcare owes a rebate to some of its corporate customers (where the limit is 15%). Both are for-profit companies.
Refunds must be sent, or credited, by August first.
However, a ruling from the U.S. Supreme Court next week could end up striking down the requirement that insurance companies spend at least 80% of premiums on medical care.
