By Andrew L. Wang
July 23, 2014
Illinois consumers will receive $8.4 million in rebates from insurance carriers who didn’t meet federal rules on medical spending in 2013.
About 109,000 people will receive the rebates, which will average $120 per family, according to figures released by the U.S. Department of Health and Human Services today. The consumers getting reimbursements represent only 3 percent of the roughly 3.3 million people in Illinois’ fully insured insurance market.
The total payout this year is well below the $61.8 million that 300,000 Illinois policyholders received in 2012 based on insurers’ performance in 2011, the first year medical loss ratio rules went into effect. Illinois insurers paid back $6.1 million to 179,000 consumers last year.