Anthem, Humana, Golden Rule and Time health insurers to refund $6.2 million in Ky. for not spending enough on patient care
Four insurance companies will refund $6.2 million to Kentuckians because the insurers didn’t meet a requirement of federal health reform, to spend at least 80 percent of the money they get in premiums on caring for patients and improving the quality of care.
The Department for Health and Human Services announced the refunds Thursday. Individual policyholders will get a refund check in the mail, a lump-sum reimbursement to the same account that was used to pay the premium, or a reduction in future premiums.
The Department for Health and Human Services announced the refunds Thursday. Individual policyholders will get a refund check in the mail, a lump-sum reimbursement to the same account that was used to pay the premium, or a reduction in future premiums.
Employers who provide health insurance must provide one of those options, “or apply the refund in another
manner that benefits its employees, such as more generous benefits,” said the HHS press release. The average refund will be $43.
“Four
Kentucky health insurance plans will refund money,” Mary Meehan reports for the Lexington Herald-Leader. “Anthem Health Plans
of Kentucky had by far the largest refund at $4.4 million. Humana Health
Plan was at $766,295, Golden Rule Insurance Co., $342,336, and Time
Insurance Co., $333,096.”