Created: 09/26/2013 3:05 PM WHEC.com
Excellus Healthcare customers could soon be getting a check in the mail. The company is one of four insurers across the state that will have to pay back more than $2 million to seniors for overcharging insurances policies.
Governor Cuomo made that announcement Thursday, saying the refunds are for Medicare Supplemental Insurance or Medigap. Officials say the insurers overestimated the amount of money that would be spent to pay claims when the policies were priced.
Just under $315,000 will be distributed between about 427 Excellus policyholders.
Excellus statement: "All health plans are annually required to report the amount of medical benefits paid out to consumers in relation to premiums collected. If a health plan incorrectly estimated the amount of benefits it would pay out in proportion to the premiums it collected during the year, it issues refunds to consumers when benefit payments don't meet certain threshold amounts. That's what happened here. We had lower than anticipated medical expenses for some Medicare Supplemental A policies in the prior year, so we are mailing out refunds to customers. It is an annual adjustment process that we support -- it's that simple."