Insurance Rebates For Californians
This month the state Insurance Commissioner says several people will receive rebates from insurance providers.
Insurance Commissioner Dave Jones says part of the President’s Affordable Care Act is a mandate that insurance companies in the individual and small group markets spend at least 80 percent of their revenue on actual medical costs, rather than non-medical expenses.
The California Department of Insurance says rebates paid to Californians will total $73.9 million. Here is the breakdown of the insurers regulated by the California Department of Insurance:
• Blue Shield of California Life & Health Insurance Company: $10.8 million rebate to policyholders in the individual market; approximately 239,595 subscribers impacted; $45.15 average rebate per subscriber;
• Kaiser Permanente Insurance Company: $277,034 rebate to policyholders in the individual market; approximately 21,823 subscribers impacted; $12.69 average rebate per subscriber;
• Connecticut General Life Insurance Company (CIGNA):$3.4 million rebate to employers in the large group market; approximately 89,575 subscribers impacted; $37.70 average rebate per subscriber;
• Anthem Blue Cross Life and Health Insurance Company: $1.3 million rebate to policyholders in the individual market; approximately 407,429 subscribers impacted; $3.16 average rebate per subscriber;
• Aetna Life Insurance Company: $3.4 million rebate to employers in the large group market; approximately 84,428 subscribers impacted; $40.50 average rebate per subscriber;
• PacifiCare Life and Health Insurance Company: $789,615 rebate to employers in the large group market; approximately 63,600 subscribers impacted; $12.42 average rebate per subscriber.
The California Department of Insurance is also in the process of conducting an audit of the largest six health insurers in California, as well as some smaller insurers to verify the accuracy of the data they provided about medical expenses, administrative costs and profits.
