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Confused about proposed insurance rate hikes?
Recently, New York health care insurance companies asked the state to approve premium rate increases for next year. This process is called "prior approval." All rate change requests must be made to the Department of Financial Services (DFS) before they can go into effect. Consumers have 30 days to weigh in on whether or not the rate changes are reasonable.
You can view insurer applications and submit comments on rate increases on the DFS website. The public comment period ends on August 1 for most insurance companies.
Visit the HCFANY blog for a recent post on insurance rate increases and how to submit comments, including a template letter. Then, forward this resource to members and friends!
Consumers save millions!
Last week, HHS released a report about consumer savings related to the 80/20 rule in the ACA, also known as the Medical Loss Ratio rule. That's the rule that says insurance companies must spend at least 80% of premium dollars on patient care and quality improvement. (New York law actually requires insurers to comply with an 82/18 ratio.)
The good news - consumers saved $3.8 billion up front on premiums and will save $330 million in refunds from insurance companies that didn't meet the 80/20 rule. In New York, small group members of Aetna Health will be seeing refunds, as well as individual members of Freelancers Insurance Company. Find out more.
If you have questions, please contact
Amanda Peden, Community Service Society
[email protected]
212-614-5541
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