The Affordable Care Act requires health insurers to spend more of the premium they collect on patient care and quality improvement activities or pay a rebate back to consumers.
How much you ask? Well, it depends on the insurance plan you selected. Only two insurers in Washington state's individual market didn't meet the new standard (called a medical loss ratio) - Regence Blue Shield of Oregon and Time Insurance Company.
A total of $792,846 in rebates will be disbursed to 9,605 consumers in our state. Amounts may vary, but the average rebate per family is $122.
If you're enrolled with either of these insurers, you should expect to hear from them in the next several weeks. Premium can be refunded in one of the following ways:
- Send a refund check in the mail.
- Deposit a lump-sum reimbursement to the same account that was used to pay the premium.
- Reduce your future premium.