Thanks To Obamacare, Major Insurers Have To Give Back $36 Million To California Small Businesses

By Sy Mukherjee on Jun 5, 2013 at 9:00 am

On Tuesday, Golden State small businesses and their employees got some great news: two of the state’s largest insurers will have to give them over $36 million in insurance rebates because of an Obamacare consumer protection.

The health law forces insurers to spend at least 80 percent of the premiums they charge on paying for actual medical services, rather than administrative overhead or profits. That means more money for ordinary consumers — and less for profitable insurance companies.