Ohioans Getting $1.2 Million In Insurance Refunds
Ohio health insurers are refunding more than a million dollars in premiums to small businesses and individuals for 2013, according to a new report from the Department of Health and Human Services. The refund is the result of a clause in the Affordable Care Act aimed at limiting the cost of health insurance. The law requires insurers to spend most of the money they take in from premiums on actual care, as opposed to overhead. For individuals and small businesses buying health insurance, that spending ratio is 80 to 20âmeaning insurers must spend at least 80 percent on care. If they donât do that, they owe their customers a refund. About $1.2 million dollars in refunds were issued for premiums paid in 2013 in Ohio. The majority of that will go back to employers who purchased small group insurance for over 30,000 consumers. A handful of insurers in the individual market also owe money backâfour companies serving 3,500 people in the state. Health and Human Services estimates the average per-family refund in Ohio is $69.