Nearly 15,000 consumers will be receiving refunds from insurance companies this summer.
The U.S. Department of Health and Human Services announced Thursday the new health care law will refund $1,753,306 to Iowans.
It’s an effort of the Affordable Care Act to assure that 80% of premium dollars are being spent on patient care and quality improvement.
The refunds will average of $206 per family.
“It may not be a tremendous financial advantage to them, but the key thing is that there’s tons of coverage that’s been increased, there’s a significant effort to get as much benefits per dollar premium as possible,” says Edward Hubbard, an Insurance Agent and Advisor.
The Affordable Care Act refunds have not yet been released for Minnesota, but Hubbard expects those numbers to be out soon.