Policy & Law

New Insurance Rate Reporting Tool Goes Live Online

1 Mins read

The implementation of health reform is a lengthy process, but I think it’s kind of fun, because every so often a new element is introduced. We started by letting children stay on their parents’ plans until age 26. A good friend of mine is working hard for HHS to help get the exchanges up and running. And starting September 1 of this year, insurance companies finally had to start explaining their rate increases.

The implementation of health reform is a lengthy process, but I think it’s kind of fun, because every so often a new element is introduced. We started by letting children stay on their parents’ plans until age 26. A good friend of mine is working hard for HHS to help get the exchanges up and running. And starting September 1 of this year, insurance companies finally had to start explaining their rate increases.

As you may recall, part of the Affordable Care Act requires health insurers to justify any annual increases in premiums that exceed 10%. On top of that, insurers are also required to spend 85 cents of every premium dollar to provide benefits to policy holders. Well, HHS has created a website that went live just last week that allows you to take a look at your insurance company and see if they’re raising rates and if so, why. The site also lets you look at the data by state, which is helpful because it might help you know whether the rate increase is happening with all insurers in your state or if you should consider switching insurers to save money–provided you have the option.

On the one hand, this site may seem simple and unimpressive. On the other hand, it’s providing information that almost none of us has ever had access to. At this point, it hasn’t got much data available, but that will change with time. If shining a bright light on the rate-hiking tactics of insurers doesn’t lead them to become more competitive, I will be somewhat surprised, and a whole lot more cynical.


       

Related posts
Policy & Law

Understanding Medical Malpractice and Negligence

4 Mins read
Medical malpractice and negligence are complex areas of the law, and they’re things that medical professionals and patients alike need to have…
Policy & Law

Common Defenses a Personal Trainer Can Raise Against You in a Lawsuit

3 Mins read
Training in a gym comes with several risks. You can suffer life-threatening injuries that require a lot of money to treat. The…
Health carePolicy & Law

4 Proven Strategies to Protect Your Health for the Future

3 Mins read
At a young age, it can be easy to not think about your health. As you age, however, it becomes something you…