BOSTON (AP) — State officials say Massachusetts residents and small employers will benefit from $56.8 million in health insurance rebates.
Insurance commissioner Joseph Murphy said on Tuesday that the rebates, from five of the state's largest insurers, will be delivered to some 50,000 individual policy holders and another 50,000 small businesses in Massachusetts.
On average, individuals will receive just over $200, while businesses will receive $936 under the rebates. The precise amount will be determined based on the plan and its carrier.
According to state officials, the total rebate amount is $10 million more than what carriers estimated and reported to the Division of Insurance. Under state law, the rebates reflect a portion of the difference between what insurance providers charged for premiums and what they spent on health care costs last year.