North Carolinians are in line for nearly $10 million in health insurance premium rebates, but unless you are a UnitedHealthcare customer, your chances of getting a check are pretty small.
That one health insurer, an operating division of Minneapolis-based UnitedHealth Group (NYSE: UNH), the largest single health carrier in the United States, accounts for $6.3 million, or nearly two-thirds, of all rebates. Time Insurance company was the only other company to break the $1 million rebate benchmark in North Carolina.
Blue Cross and Blue Shield of North Carolina, this state’s largest health insurer, is not on the hook for any rebates.
The rebates are the result of new regulations under the Affordable Care Act related to what’s called the medical-loss ratio, which compares the expenses that insurance carriers pay out for the delivery of care and benefits to the total amount of revenue they bring in through premiums. Generally, insurance carriers must hit the 80 percent mark, but those offering large group coverage must hit 85 percent.
Date: Jun 24, 2013