Thursday, August 19, 2010

Feds Beef Up Health Insurance Oversight

Kathleen SebeliusImage via Wikipedia
WASHINGTON - Health insurance premium hikes will get a harder look in most parts of the country, thanks to an infusion of federal cash for state regulators.
Health and Human Services Secretary Kathleen Sebelius on Monday announced $46 million in federal grants to help states strengthen their oversight of health insurance rate hikes. It's the first installment of $250 million for state regulators in the new health care law.
Forty-five states and Washington, D.C., will get money for a range of projects, including drafting stronger laws, putting proposed rate hikes through close scrutiny, and upgrading their data systems.
http://www.startribune.com/local/100781979.html
Couldn't happen to a nicer bunch of guys!

Did you know that you are entitled to an explanation of how the allowed rate is calculated?  Under both federal and state laws, the insurer must tell you how they are calculating the allowed rate.  This is the rate that your deductibles and co-payments are based on and it is not always equal to what your physician charges.
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