Insurers to pay over $8 million in refunds in Illinois
CHICAGO - Due to a provision of the nation's health care law, more than 108,000 health insurance customers in Illinois will benefit from more than $8 million in refunds. Those figures were released by the U.S. Department of Health and Human Services on Thursday.
Under that law, insurance companies must spend at least 80 percent of the premiums they collect on medical care and quality improvement or return the difference to employers and consumers.
However, the money won't necessarily be a check in the mail, as employers can apply rebates in a way that benefits workers or take a discount on future premiums. Rebates owed to individual policyholders will either receive a check, a reimbursement to their credit card, or see a reduction in future premiums.