Greater than 6.8 million People will obtain reimbursement from their well being insurer this summer season.

The entire worth of the rebates is $332 million, with a median of $80 going to every household. They are going to be printed no later than August 1.

Thank the Inexpensive Care Act for the windfall. One of many authorized provisions requires insurers to supply refunds in the event that they spend greater than 20% of what clients pay in premiums on administration and advertising prices, moderately than on medical care.

Associated: Grateful for Obamacare

Insurers had been first required to make these refunds in 2012, paying out a complete of $1 billion to shoppers. The entire greenback quantity of reimbursements has declined yearly since, as insurers have tailored to cost fewer premiums and function extra effectively. Insurers paid again $504 million to clients in 2013.

The marketplace for particular person insurance coverage insurance policies has made the largest effectivity beneficial properties: final yr 11.5% of premiums had been spent on overhead prices, in comparison with 15.3% in 2011.

People will obtain a verify within the mail, a direct refund to a checking account or as a reduction on future premiums.

CNNMoney (New York) First printed July 24, 2014: 3:43 PM ET