10:26am

Thu July 24, 2014
Business

Tennesseans to Share $10 Million in Refunds

NASHVILLE, Tenn. (AP) — More than 336,000 Tennessee residents will split $10 million in refunds from health insurance companies because of a provision in the Affordable Care Act.

The Tennessean reported (tnne.ws/WIRqs7) the refunds will average $53 per family and came about because of the medical loss ratio rule in the law. That provision requires insurers to spend at least 80 percent of insurance premiums on patient care and quality improvement efforts. The refunds are for premiums paid in 2013.

For 2012, refunds to Tennesseans totaled $5.6 million.

The actual total for refunds in Tennessee is $10,037,932.