HHS Gives States $109M to Bolster Premium Hike Oversight
Sebelius said states are using the latest round of grants to improve filing requirements, transparency, and consumer interface, hire new staff, improve IT, expand the scope of review, and introduce legislation to strengthen oversight.
Another provision of ACA requires health insurers to spend at least 80% of premium dollars on healthcare and quality-improvement activities as opposed to overhead, advertising, and executive bonuses. If they don't they must reduce premiums or pay rebates to consumers and employers.
ACA also makes small businesses eligible for federal tax credits of up to 35% of the cost of coverage for their workers. That amount rises to 50% in 2014. Also in 2014, insurance exchanges created by ACA supposedly will use competition and transparency, including information on unjustified premium increases, to help make insurance more affordable, HHS said.
John Commins is a senior editor with HealthLeaders Media.
- Antibiotic Overuse a 'Huge Threat' to Patient Safety, Says CDC
- 3 Traits Personality Assessments Can't Reveal
- Consumerism Drives Healthcare Branding, Rebranding Efforts
- CHS Hacked, 4.5M Patient Records Compromised
- PA Ranks See 'Phenomenal Growth,' Lack of Diversity
- Business Roundup: M&A Activity Down Slightly in First Half of 2014
- CFO Exchange: Healthcare Leaders Share 5 Innovative Ideas
- CFO Exchange: Smartphones Poised to Disrupt Healthcare, Says Topol
- Large Employers Trimming Healthcare Spending
- 3 Things the Ice Bucket Challenge Can Teach Hospital Marketers