Arizona is not capable of moderating health insurance rate increases according to the state’s own law and those of the federal government. New federal standards accompanying the overarching health care reform dictate that states must be able to adequately review the rate increase process or default such authority to the federal government. Arizona’s current law dictates that insurers must submit paperwork regarding rate increases, but nothing more is required thereafter. Because Arizona does not meet federal requirements in this regard, federal regulators will be coming to the state to take…
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Federal officials ready to debate health insurance rate increase of 10% or more
U.S. officials are getting ready to debate whether or not increases in the rates for health insurance of 10 percent or more were excessive within seven states which have rate review processes that have been labeled ineffective. The rate review systems for Louisiana, Alabama, Montana, Arizona, Wyoming, Idaho, Missouri, as well as four territories have been deemed to be insufficient by the Center for Consumer Information and Insurance Oversight (CCIIO). The CCIIO is a branch of the Centers for Medicare and Medicaid Services. According to the CCIIO, federal officials, under…
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