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Icon for Star Tribune: Insurers to pay premium refunds

Star Tribune: Insurers to pay premium refunds

Insurers will refund about $330 million in premiums to 6.8 million consumers across the country in the coming weeks as a result of the Affordable Care Act. About $523,000 of that will funnel into Minnesota businesses, according to federal data to be released Thursday.

The payments come as insurance companies comply with a provision of the federal health law that requires them to spend at least 80 cents of every dollar on medical care. If marketing or other administrative costs eat up a larger share of premiums, insurers have to give consumers some of their money back.