UnitedHealth commits $1.5 billion for premium rebates and new co-pay waivers
Under the Affordable Care Act, insurers are required to provide a rebate at the end of the year, if they spend less than 80% of premiums on medical costs for fully-insured employer plans, and 85% on individual health plans. Large, self-insured employer plans are not covered by the rebate provision.
"A small fraction of the amount that consumers and the groups will be receiving relates to that rebate," Wichmann explained, adding "the rest is based upon what we would characterize as an economic imbalance that we think will persist."Last month, auto insurers announced refunds to customers due to lower driving and accident rates over the last six weeks. UnitedHealth is the first health insurer to announce a rebate on premiums, due to overall lower medical costs.
With states now beginning to lift Covid-19 moratoriums on elective surgery and other non-emergency care, the ramp up of rescheduled procedures is expected to be slow until the second half of the year. The company is also providing state Medicaid plans with funding for doctors, as well as support programs which include providing food and baby formula to families.
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