Payers have provided about 9.8 million members with nearly $2 billion in premium rebates for the 2020 coverage year, according to CMS.
About $1.2 billion of the sum comes from about 4.8 million individual market consumers, while the remaining pot was awarded to 5 million small and large group members, according to a Dec. 17 news release.
Payers are required to reimburse individual and small group market members if they spend less than 80 percent of after-tax premiums on member medical claims. The threshold jumps to 85 percent for large group members.
The news came alongside a Dec. 17 list of insurers who owed medical loss ratio premium rebates for 2020. Health Care Service Corporation's Texas arm topped the list with nearly $199 million in payouts.