Iowans to Receive Insurance Rebate

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By Ellen Kurt

DES MOINES, Iowa — Iowans are expected to receive a rebate on their health insurance, federal officials announced Thursday.

Health and Human Services Secretary Kathleen Sebelius said 1,766 Iowa residents will receive $147,246 in rebates from insurance companies this summer. The averaging family will receive $111 thanks to the Affordable Care Act, Sebelius said in a news release issued Thursday.

Nationwide, officials said consumers will receive $500 million in rebates.

The Affordable Care Act requires insurers to spend at least 80 cents of every premium dollar on patient care and quality improvement. If they spend an excessive amount on profits and red tape, they owe rebates back for the difference, officials said.

Officials said Iowans owed a rebate will see the value in a rebate check received in the mail, a lump-sum reimbursement to the same account that they used to pay the premium if by credit card or debit card, a reduction in their premiums or their employer using rebates to improve their health coverage.

Insurance companies are expected to let consumers know how much the insurer did or did not spend on patient care and how much their rebate will be.

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