Obamacare forces insurance corporations to pay back $1.1 billion in rebates to families
Millions of consumers and businesses will receive $1.1 billion in rebates this summer from health insurance plans that failed to meet a requirement of the new health-care law, according to the Health and Human Services Department.
That Affordable Care Act rule requires insurance companies to spend at least 80 percent of subscriber premiums on health-care claims and quality improvement initiatives. The other 20 percent is left for administrative costs and profits.
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In a new report, the Obama administration found that 12.8 million Americans will receive rebates this year, with an average value of $151 per household.
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