HHS Pledges $46 Million to States for Health Insurance Price Monitoring
“States will use these grant dollars in the way that makes the most sense for their insurance consumers,” says Jay Angoff, Director of the Office of Consumer Information and Insurance Oversight. “As we continue to implement the new health insurance reform law, we will continue to work with states to ensure they have the tools they need to ensure the stability of the marketplace, keep costs low and provide consumers with increased transparency, choice and quality they need to make the best health care decisions for their businesses and families.”
Under the Health Insurance Premium Review Grants, starting in 2011:
- HHS will review justifications for unreasonable increases in premiums and make them public;
- Insurers will be required to spend at least 80% of premium dollars on medical care services and quality-improvement activities and limit their spending on overhead, marketing, CEO salaries, and profits; and
- In 2014, states will be empowered to exclude health plans that show a pattern of excessive or unjustified premium increases from the new health insurance exchanges.
John Commins is a senior editor with HealthLeaders Media.
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