(WZZM) - You may be one of the lucky 113,995 Michiganders getting a rebate check in the mail from your health insurance company, thanks to the new Affordable Care Act.The law requires insurance companies to spend at least 80% of consumer's premium dollars on medical care and quality improvement. Insurers can spend the remaining 20% on administrative costs.
Insurance companies who do not meet the 80/20 standard must provide policy holders a rebate difference no later than August 1, 2012.
In Michigan the average rebate per family will be about $214.
In all about 12.8 million Americans will benefit from $1.1 billion rebates from insurance companies.