BURLINGTON, Vt., June 22 - Vermont's congressional delegation - Sen. Patrick Leahy, Sen. Bernie Sanders and Rep. Peter Welch - today announced that 4,636 Vermonters will benefit from $2,346,018 in rebates from insurance companies this summer under a provision in the Affordable Care Act.
The health care law requires insurance companies to spend at least 80 percent of consumers' premium dollars on medical care and quality improvement. Insurers can spend the remaining 20 percent on administrative costs. Insurance companies that do not meet the 80/20 standard must provide their policyholders a rebate for the difference no later than Aug. 1, 2012.
In a joint statement, Leahy, Sanders and Welch said, "Insurance premiums should go toward providing care to people who get sick. That's simply common sense."
Nationwide, 12.8 million Americans will benefit from $1.1 billion in rebates under the 80/20 standard.