Last week, HHS announced the creation of a federally-maintained consumer website that will provide information regarding proposed insurance premium increases in the individual and small group markets. The federal government hopes this will significantly tighten oversight of health insurance premiums by allowing states and the public access to the rate increase process.
- Coverage sold to individuals or small groups through an association is subject to rate review on or after November 1, 2011.
- Health insurers seeking to increase rates by 10% or more must submit a request to state or federal reviewers to determine whether the increases are justifiable.
- As of mid-September 2011, consumers will be able to visit Healthcare.gov to view consumer-friendly disclosure information explaining the factors driving rate increases that are 10% or higher.
- Consumers in every state will be given the opportunity to comment on large proposed rate increases.
Read the regulation at http://www.ofr.gov/inspection.aspx
For additional information, http://www.insurancebroadcasting.com/news/Affordable-Care-Act-2717235-1.html?ET=broadcasting:e2153:2454586a:&st=email
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