Maine residents will be getting nearly half a million dollars in health insurance premium rebates this year.
The rebates are mandated by a provision of the Affordable Care Act that requires insurers to spend at least 80 percent of premiums on health care and quality improvements. If they don't, the law requires them to rebate the difference to consumers and employers.
The Kaiser Family Foundation estimates that more than 20,118 Maine consumers will get a total of $490,260 in rebates because of the rule, commonly known as 80/20. The rebates could be in the form of lower premiums, according to the Wall Street Journal.
Nationally, health insurers are expected to rebate a total of $1.3 billion to consumers and employers under the provision, according to the Kaiser Family Foundation report.