There has been much attention and fanfare surrounding the implementation of the Affordable Care Act and its full launch in 2014. Yet while the ACA expands access to health coverage to many who are currently uninsured, it does little to control the rising cost of insurance coverage, or protect working families from excessive rate increases. Tough laws requiring health insurance companies to get approval for rates, deductibles and co-pays before they take effect can force insurance companies to bring down those costs for working families. This is the unfinished business of health care reform. The “Insurance Rate Public Justification And Accountability Act,” backed by Consumer Watchdog, Insurance Commissioner Dave Jones, and co-chaired by United States Senator Dianne Feinstein, requires health insurance companies to publicly justify and get approval for their rate hikes, creates a public participation system to allow the public to challenge excessive rates, and begins a public utility-type regulation of health insurance costs to protect working people from being price-gouged.
Posted on: Sat, 07 Sep 2013 09:37:28 +0000
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