Premium Increases Over 10% Will Be Reviewed Under Healthcare Act
The AP (9/2) reports that under the Affordable Care Act, “whenever an insurer seeks a rate hike of 10 percent or more for individual and small-employer group coverage, it now must submit the plan for either a state or federal review of whether it’s reasonable.” While the review does not include the power to prevent the hike, “any increases will be posted along with an explanation for them on the website www.healthcare.gov.” Health and Human Services Secretary Kathleen Sebelius “said in a statement Thursday that the new reviews ‘will shed a bright light on the industry’s behavior and drive market competition to lower costs.'”