Non-profit health insurer Blue Shield of California will return roughly $283 million in excess profits to policyholders, according to a Los Angeles Times report.
The health insurer said it is fulfilling its promise that it would return money to its customers when its net income exceeds 2 percent of revenue, the report said. Individuals should expect their December bills to be credited $135 on average, and families of four should be credited $420 on average.
Other health insurance consumers might see similar paybacks, as the Patient Protection and Affordable Care Act will require all insurers to spend at least 80 percent of premiums on medical care.
New Mexico Insurance Chief Denies BCBS' 9.9% Rate Hike
Humana Pulls Out of Utah's Health Insurance Exchange
The health insurer said it is fulfilling its promise that it would return money to its customers when its net income exceeds 2 percent of revenue, the report said. Individuals should expect their December bills to be credited $135 on average, and families of four should be credited $420 on average.
Other health insurance consumers might see similar paybacks, as the Patient Protection and Affordable Care Act will require all insurers to spend at least 80 percent of premiums on medical care.
Related Articles on Health Insurers:
BCBS of Massachusetts to Keep Non-Profit Public Charity StatusNew Mexico Insurance Chief Denies BCBS' 9.9% Rate Hike
Humana Pulls Out of Utah's Health Insurance Exchange