As insurers begin to feel the weight of the Affordable Care Act, speculation abounds that suggests insurance companies may be raising their rates to offset the effects of the law. Indeed, health insurers throughout the nation have been raising rates, but most claim that higher premiums are being spurred by soaring medical costs and nothing more. Analysts from research firm Avalere Health say that rates should be rising much faster than they are now, yet the insurance industry confounds this estimation. The reason insurance rates are not soaring out of…
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Consumers and small businesses may turn to CO-OP into affordable opportunities
The Affordable Care Act will soon be providing consumers and small businesses with the opportunity to take advantage of their state Affordable Insurance Exchange, so that they can obtain cheaper healthcare through a new form of health plan known as a Consumer Oriented and Operating Plan (CO-OP). CO-OP health insurers are private and non-profit, with a board comprised of members, so that affordable, high quality health plans will be available in a consumer-friendly way across every state. The proposed standards for the establishment of CO-OP health insurance plans were outlined…
Read MoreFederal 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…
Read MoreCommittee 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…
Read MoreAmerican Medical Association gives the health insurance industry a poor grade in new report
The American Medical Association has announced disturbing finding regarding the nation’s health insurance companies. The AMA has released their latest National Health Insurer Report Card, which is a report that informs both the public and the health care industry about the accuracy insurance claims processing. Last year, the report found that nearly one in five of claims received by insurers had been processed incorrectly. The AMA had hoped that their report would spur health insurer to make changes to how they process claims. The latest report, however, shows that little…
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