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I got a check today from Florida Blue for my late cousin's account for a health insurance premium rebate for 2020. According to the cover letter, the ACA requires the insurers to issue a rebate if they do not spend at least 80% of the premiums it receives on health care services. No more than 20% of premiums can be spent on admin costs. In 2020, Florida Blue spent only 76.4% on health care so they missed the mark by 3.6% and had to rebate that percentage to all members.
It only amounted to $31.16 for him but hey, it's free money. By my calculation, the total they had to rebate comes to over $200,000,000.
It only amounted to $31.16 for him but hey, it's free money. By my calculation, the total they had to rebate comes to over $200,000,000.