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Government


Health insurers refunding more than $1 million to Ohio residents
Refunds are part of Affordable Care Act iniative to reduce insurance overhead
Story by LEWIS WALLACE


 
Ohioans will be seeing over $1 million dollars in refunds for insurance companies.
Courtesy of Andrew Magill
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Ohio health insurers are refunding more than $1 million in premiums to small businesses and individuals for 2013. That is according to a report out today from the Department of Health and Human Services. For Ohio Public Radio, WYSO's Lewis Wallace has more.
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This refund is the result of a clause in the Affordable Care Act aimed at limiting the cost of health insurance. The law requires insurers to spend most of the money they take in from premiums on actual care, as opposed to overhead.

For individuals and small-businesses buying health insurance, that spending ratio is 80-to-20, meaning insurers must spend at least 80 percent on care.

If they don't do that, they owe their customers a refund. And about $1.2 million in refunds were issued for premiums paid in 2013 in Ohio. The majority of that will go back to employers who purchased small-group insurance for more than 30,000 consumers.

A handful of insurers in the individual market also owe money back, four companies serving 3,500 people in the state. Health and Human Services estimates the average per-family refund in Ohio is $69.

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