More than 88,000 Nevada residents will benefit from nearly $4 million in rebates from insurance companies this summer, Health and Human Services Secretary Kathleen Sebelius announced Thursday.
As part of the Affordable Care Act, 77.8 million consumers saved $3.4 billion on their premiums as insurance companies operated more efficiently.
Nevada families receiving rebates will get an average of $75.
“This new standard is increasing transparency and accountability, promoting better business practices and competition among insurance companies, and ensuring consumers receive value for their premium dollars,” Sebelius said. “Today’s announcement shows that more Nevadans are benefiting from the tools created under the Affordable Care Act to keep consumer costs down.”
As part of the Affordable Care Act, insurers are required to spend at least 80 cents of every premium dollar on patient care and quality improvement.
If the insurers spend an excessive amount on profits and red tape, they must repay the differences no later than August 1.
Contact Steven Slivka at SSlivka@reviewjournal.com or 702-383-0264.