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Health Insurers Owe Iowans Refunds
Updated: Friday, July 25 2014, 08:00 AM CDT
DES MOINES, IA (AP) -- The federal government says insurers owe Iowans nearly $1.8 million in refunds because of a provision in the Affordable Care Act.
The U.S. Department of Health and Human Services said Thursday that nearly 14,600 Iowa residents will be getting refunds, averaging $206 per family.
The law requires insurance companies to spend at least 80 percent of the premiums they collect on medical care and quality improvement or return the difference to consumers and employers.
Employers can apply refunds in ways that benefit workers or take a discount on future premiums. Individual policyholders owed refunds will get checks, reimbursements to their credit card accounts or see reductions in future premiums.
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