TALLAHASSEE, FLA. -- A new report from the Kaiser Family Foundation says health insurance companies owe Florida policyholders nearly $150 million, because the companies spent too much on overhead and not enough on patient care over the past year.
The Affordable Health Care Act says insurance companies have to spend 80 percent of their premium dollars on medical services... 85 percent if it's a group plan for big companies.
The provision is called the "medical loss ratio."
Most of the major firms in Florida did NOT meet their goal of applying the money to medical services, so now they're on the hook for rebates.
Consumer's Union says Florida Blue owes its customers almost $45 million. United Health Care owes its customers $20 million.
Golden Rule and Humana are each facing more than $10 million dollars in forced refunds.
And all refunds are due by August first.
Consumer's Union says the medical loss ratio may eventually see companies reducing rates, spending fewer premium dollars on their own overhead, or a combination of the two.