Well, this is not going to make health insurance rate hikes any more affordable, but perhaps it will make them more understandable. The Centers for Medicare and Medicaid Services has released proposed notices showing what information health “insurers will have to disclose to consumers about “excessive premium rate increases” starting in July.
In July, health insurers will have to start reporting and justifying all health insurance rate increases over 10 percent in the individual and small-group health insurance plans. Heatlh insurers will also have to explain to consumers why they are increasing health insurance premiums by those amounts. A sample consumer notice published by the CMS explains in plain language the reason for the proposed health insurance rate increase, including details of medical cost services such as hospital inpatient, physician payments and pharmacy, as well as listing the health insurer’s recent health insurance rate hike history.
Probably more importantly to consumers, the notices are part of a larger move by the federal government to review “unreasonable” health insurance premium increases.
Do you think the new health insurance rate hike notices will make any difference? Tell us about it!
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