What is a health insurance rebate?
The Bankrate.com financial term of the day is: "Health Insurance Rebate."
One of the goals of health care reform is to rein in costs. A health insurance rebate program is part of that effort. The Affordable Care Act requires health insurers to spend at least 80 percent or 85 percent of premium dollars directly on health care. When insurance companies miss that mark, they must pay a partial refund, or health insurance rebate, to each policyholder.
An Obamacare rule says that when a health insurer spends too much on administrative costs and not enough on medical care, the patient gets a health insurance rebate.
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