Starting today, health insurers looking to increase their rates by 10 percent or more must submit their request to state or federal regulators who will determine if the hikes are acceptable, according to a Department of Health and Human Services news release.
Created by the Patient Protection and Affordable Care Act, the Health Insurance Premium Review program will give insurance rate reviewers the authority to deny or reduce rate hikes found to be excessive based on close examinations and underlying cost trends in healthcare.
Health insurers proposing double-digit increases will have to provide information as to what factors are causing the rate increases and post those justifications on their websites, the release said. Consumers in all states can then go to HealthCare.gov to view disclosure information explaining the proposed increases and the key factors that are driving rate increases.
The PPACA is providing $250 million in HIPR grants over five years to give states the needed resources to review these proposed health insurance rate increases.
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Created by the Patient Protection and Affordable Care Act, the Health Insurance Premium Review program will give insurance rate reviewers the authority to deny or reduce rate hikes found to be excessive based on close examinations and underlying cost trends in healthcare.
Health insurers proposing double-digit increases will have to provide information as to what factors are causing the rate increases and post those justifications on their websites, the release said. Consumers in all states can then go to HealthCare.gov to view disclosure information explaining the proposed increases and the key factors that are driving rate increases.
The PPACA is providing $250 million in HIPR grants over five years to give states the needed resources to review these proposed health insurance rate increases.
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