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I just saw this article today, it basically states that as of 9-1-11 insurance companies that want to raise health premiums more than 10% are going to have to prove why they should receive the increase.
This would explain why Mutual of Omaha, Gerber, GPM, Family Life, etc. all had rate increases this last month rather than the usual time at the beginning of the year. It's one thing when a company has a rate increase, but when they pretty much all take a jump, I was wondering what was going on. Here's the article...
Sebelius: Rules To Protect Consumers From Rate Hikes Become Effective.
HHS Secretary Kathleen Sebelius writes in a Huffington Post (9/1) piece that a provision in the Affordable Care Act which will protect consumers against insurance industry abuses goes into effect today. She says that because of the provision, "insurers must submit a written justification every time they try to raise your premium by ten percent or more. As rate increases are proposed, that information will be posted in a clear, easy-to-understand format on the new consumer website Healthcare.gov." In addition, "rates will...be evaluated by experts to see whether they're justified, and that information will be made available to consumers too." Sebelius argues that because of the ACA, "the deck is no longer stacked in insurers' favor," and henceforth, insurers who attempt to increase premiums "by double digits" must "explain themselves."
This would explain why Mutual of Omaha, Gerber, GPM, Family Life, etc. all had rate increases this last month rather than the usual time at the beginning of the year. It's one thing when a company has a rate increase, but when they pretty much all take a jump, I was wondering what was going on. Here's the article...
Sebelius: Rules To Protect Consumers From Rate Hikes Become Effective.
HHS Secretary Kathleen Sebelius writes in a Huffington Post (9/1) piece that a provision in the Affordable Care Act which will protect consumers against insurance industry abuses goes into effect today. She says that because of the provision, "insurers must submit a written justification every time they try to raise your premium by ten percent or more. As rate increases are proposed, that information will be posted in a clear, easy-to-understand format on the new consumer website Healthcare.gov." In addition, "rates will...be evaluated by experts to see whether they're justified, and that information will be made available to consumers too." Sebelius argues that because of the ACA, "the deck is no longer stacked in insurers' favor," and henceforth, insurers who attempt to increase premiums "by double digits" must "explain themselves."