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Much has been rightfully lamented about the constant increase in rates for private health insurance over the past 15 years. Blame has been placed on CEO salaries, excessive commercials, and a generalized greedy attitude.
While all of the above may be true, isn't it the job of the individual state's insurance board to approve the rate in premiums? Why did they approve the increase if it wasn't shown that the increase was needed?
Maybe stricter regulation of the private companies would have prevented the excessive healthcare inflation that has made health insurance so unaffordable.
The administration frequently quips that a public plan would help keep the private plans "honest". Well, that job was supposed to be done by govt, namely the state insurance boards.
Who knows ...maybe it's just a game.
Ins Co wants 15% so asks for 30% and the state board gives 15% and looks like they're doing their job
A current request.
Blumenthal urges rejection of Anthem health insurance rate increase - The Advocate (http://www.stamfordadvocate.com/ci_12772771?source=most_emailed - broken link)
"Blumenthal urges rejection of Anthem health insurance rate increase The 22 percent to 30 percent increase request is "virtually unprecedented in its magnitude and is completely unjustified factually or legally by anything the company has submitted," state Attorney General Richard Blumenthal said. A spokeswoman for Anthem Blue Cross and Blue Shield in Connecticut said the company regularly evaluates its rates to make sure the premium payments cover claim costs and expenses. Increases in claim costs have surpassed premium increases enough to require that Anthem increase its rates, said Sarah Yeager, the company's director of corporate communications. In a statement, state Insurance Commissioner Thomas Sullivan said that while he agrees certain increases are too high, some level of increase will be necessary."
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