On Thursday, the Obama administration will begin investigating proposed increases of health insurance premiums that exceed 9 percent, according to a Wall Street Journal report.
The new inspections come as part of the administration's 2010 health reform law, following significant rate increases for self-insured individuals and those employed by small businesses. The new attention to rate increases is expected to apply to nearly 34.8 million insurance policies, according to the report.
Industry lobbying group America's Health Insurance Plans reported that half of all increases on health insurance premiums in the individual insurance market exceeded 10 percent over the past three years.
Insurance companies will now have to submit a seven-page form that explains the reason for increases of 10 percent or more to federal regulators. The government cannot legally prohibit increases but hopes that the increased transparency will deter significant rate hikes.
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The new inspections come as part of the administration's 2010 health reform law, following significant rate increases for self-insured individuals and those employed by small businesses. The new attention to rate increases is expected to apply to nearly 34.8 million insurance policies, according to the report.
Industry lobbying group America's Health Insurance Plans reported that half of all increases on health insurance premiums in the individual insurance market exceeded 10 percent over the past three years.
Insurance companies will now have to submit a seven-page form that explains the reason for increases of 10 percent or more to federal regulators. The government cannot legally prohibit increases but hopes that the increased transparency will deter significant rate hikes.
Related Articles on Coding, Billing and Collections:
100 Missouri Physicians Sign Individual Contracts With Anthem Blue Cross Blue Shield After Negotiations
Reluctant States May Get Second Pass at Health Insurance Exchanges, Obama Administration Says
AAPC Expert Addresses Medical Denials and Workers' Compensation Settlements