The Obama Administration recently announced that 8.5 million Americans will be getting refunds from their health insurance companies this year. This is due to a provision of the Affordable Care Act stating that if an insurance company isn’t spending at least 80 percent of a person’s premium payments toward their health care, the insurance company is required to refund some of the insured’s money.
The Obama Administration said this is just one of the ways the Affordable Care Act (ACA) is helping to guarantee insurer responsibility toward policy holders. “That’s one of core principles of the Affordable Care Act,” said President Obama in his announcement, “ — holding insurance companies and providers accountable so that we all get a better deal.”
Individuals who already have insurance will see new benefits, better protections and better value in their health insurance plans, with the ACA plans, according to whitehouse.gov.
The mandatory insurance provision under the ACA means that most Americans will be required to have health insurance as of January 1, 2014. Individuals who don’t receive health coverage through work, or who are otherwise uninsured, will be able to comparison shop for coverage through health insurance exchanges this October.
Benefit Packages has been helping Californians find affordable, comprehensive health insurance for over two decades. We will be an Exchange Certified Agency, and can help you understand your options and the specifics of the new health care law. Visit our website or call us toll free at 1-800-356-3615.