Health insurers to pay $62M in rebates in Illinois
CHICAGO (AP) – The Obama administration announced Thursday that 300,000 Illinoisans will benefit from nearly $62 million in rebates from insurance companies because of the federal health law that is in front of the U.S. Supreme Court.
The law, deemed “Obamacare” by its critics, 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 by Aug. 1. Most plans operated by major national employers are exempt.
In Illinois, most of the rebates will go to small businesses that buy insurance in the small group market, according to figures released Thursday by the U.S. Department of Health and Human Services. About $47 million in rebates will go to the small group market, covering 164,000 Illinoisans. The average rebate per family in Illinois’ small group market will be $551 — one of the highest rebate rates in the country.
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