Insurers in Tennessee will refund $10 million to a pool of more than 300,000 consumers through an Affordable Care Act requirement this month.
The Medical Loss Ratio rule requires insurers to spend at least 80 percent of premiums on patient care and quality. "If insurers spend an excessive amount on profits and red tape, they owe a refund back to consumers," Sylvia Burwell, Health and Human Services secretary, said in a release.
According to data from the Centers for Medicare and Medicaid Services, Tennesseans in the refund pool will receive an average of $53 per family. Tennessee had the 14th-highest total refund figure, but the seventh-lowest refund per family. Rebates are required to be provided by Aug. 1.
For the refund data per state, click here.
POSTDATA: WARRANTY DEEDS