A major provision of the Affordable Care Act is about to come into play. Beginning yesterday, September 1, health insurance companies will be subjected to stricter scrutiny when it comes to raising premiums. When proposing rate increases, insurers will now have to submit written justification for their want of higher rates. These justifications will be open to the public for the sake of transparency and insurance regulators will be able to reject rate proposals if the justifications are not satisfactory. The new rule is meant to curb the seemingly relentless…
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Committee vote passes bill to allow state officials to halt health insurance rate increases
A bill in California has been passed through a committee vote that would give state officials the authority to regulate insurance rates by being able to reject increases that health insurance companies have proposed. The bill was approved by the Senate Health Committee by a vote of 5-3. This measure, called AB52, will now proceed to the Senate Appropriations Committee. Representatives of insurance companies, hospitals, and doctors have been working to try to diminish or end the bill, but they each did so for their own reasons. Should the bill…
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