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| So much for Obamacare lowering insurance costs (1290030) | |||
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So much for Obamacare lowering insurance costs |
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Posted by Dave on Fri May 22 07:56:24 2015 Major insurers in some states are proposing hefty rate increases for health plans sold under the federal health law, setting the stage for an intense debate this summer over the law’s impact.In New Mexico, market leader Health Care Service Corp. is asking for an average jump of 51.6% in premiums for 2016. The biggest insurer in Tennessee, BlueCross BlueShield of Tennessee, has requested an average 36.3% increase. In Maryland, market leader CareFirst BlueCross BlueShield wants to raise rates by 30.4% across its products. In Oregon, Moda Health, the largest insurer on the health exchange, seeks an average 25% boost. All of them cite high costs incurred by people newly enrolled under the Affordable Care Act. Under the health law, insurers file proposed rates to their local regulator and, in most cases, to the federal government. Some states have already begun making the filings public, as they prepare to review the requests in coming weeks. The federal government is due to release its information on rate filings in early June. Big increases pose a challenge to state insurance regulators, who in many states can force carriers to scale back requests they can’t justify. The Obama administration can ask insurers seeking increases of 10% or more to explain themselves, but cannot force them to cut rates. Rates will become final by the fall. “After state and consumer rate review, final rates often decrease significantly,” said Aaron Albright, a spokesman for the Centers for Medicare and Medicaid Services, the federal agency overseeing the health law. Consumer groups are demanding federal and state officials put premiums under the microscope this year, looking to curb some increases. |
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