Nearly 250,000 Kentucky residents who bought health insurance are benefiting with rebates. It is estimated that by August 1, 2012, they will receive approximately $15.4 million from their insurance companies, with rebates totaling $114 per person.

According to the Affordable Care Act, insurers have to spend 80 percent of health insurance premiums on premiums and measures to improve health care, while the remaining 20 percent is spent on administrative costs. Although many insurance companies complied with this directive, others did not and will have returned the difference to their customers by August 1, 2012. Up to 12.8 million Americans across the nation will benefit from $1.1 billion in rebates under the 80/20 rule.

The ways in which rebates will have been returned are as a check in the mail, as a lump-sum reimbursement to the account from which the premium was paid (if it was paid by credit or debit card) or as a direct reduction in future premiums. Employers have the choice of any of these rebate methods, or have applied the rebate in a way that best suits their employees.

However, it‘s not the rebates that matter since they are, in fact, minimal. It‘s about having a comprehensive Kentucky health insurance plan. Going without coverage is risky, especially in these economically difficult times. Many types of plans are available to suit the needs of families, employers, the self-employed, students, new graduates, and individuals between jobs.

The best way for people to measure the costs and benefits of the various options available to them is to contact an experienced, licensed health insurance broker. Both short-term policies and major medical health insurance have their merits and shortcomings, and it‘s important that consumers get expert guidance to choose the right Kentucky health plan. The website of a reliable health insurance agent is the best place to get free quotes from leading Kentucky health insurance companies and apply for an affordable option.


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