The Affordable Care Act, also known as Obamacare, has a provision in it that requires insurance companies to give their policy holders rebate checks under certain conditions. Those Obamacare rebate checks for consumers should be hitting mailboxes this Summer.
"Millions of consumers and businesses will receive $1.1 billion in rebates this summer from health insurance plans,” according to the Washington Post.
"Obamacare requires insurance companies to spend at least 80 percent of subscriber premiums on health-care claims and quality improvement initiatives. The other 20 percent is left for administrative costs and profits. Health insurance plans that don’t hit that threshold will send a rebate to consumers to cover the difference,” the report added.
An Obama Administration study estimates that approximately 12 million people should see a $151 rebate check as a result of the new health care law.
However, some Obamacare beneficiaries may get rebate checks for more than $800, depending on the state they live in and other factors.
The wildcard in the Obamacare rebate mix is the Supreme Court decision, expected in June.
If the court overturns the Affordable Care Act, insurance companies may not be required to send the rebate checks to policy holders.