A report by consumer groups shows that most of the health insurance rate hikes approved last year in Florida wouldn’t be considered reasonable as early as July 1. That’s when a proposed provision of the federal Affordable Care Act is set to go into effect, requiring increases of more than 10 percent in the individual and small-group market to be justified and noticed to the public. (Large-group plans aren’t affected.) Of the 28 rate increases approved by the Florida Office of Insurance Regulation in 2010, all but three were above 10 percent, according to a report released today by Florida CHAIN and three other advocacy groups. The premium increases ran the gamut from 1 percent (Colonial Life) to 25 percent (American General), with an average jump of 12.8 percent. The analysis focused on insurers with at least 1,000 members of similar plans. After the rule takes effect, insurance companies could still raise rates above 10 percent, but the action would require more scrutiny and reporting. Submitted by Jeremy Cox on January 6, 2011 – 2:19pm Health Caring
Similar Posts:
- HB1355 Now In Effect For All Small Groups In Colorado
- Financially Strapped Baby Boomers Gain Protection from Affordable Health Care Act
- PPACA’s Effects on Maintaining Health Coverage and Jobs: A Review of the Health Care …
- More at Stake than Medical Loss
- Florida Whole Life Insurance
