Idaho health insurance rate hikes deemed excessive by feds | Idaho ...

Two health insurance companies in Idaho may need to provide refunds, lower their rate increases or tell the public why they won't, according to the U.S. Department of Health and Human Services.

The agency said Thursday that insurance rate increases in nine states including Idaho have been deemed excessive under new rate-review authorities granted by the 2010 health care reform law. The law set a new rule that double-digit rate increases must be reviewed.

The two insurance companies weren't identified in a news release, but Idaho insurers have proposed rate increases of 13 to 16 percent. The only insurance companies whose rate increase reviews have been completed, according to the HHS website companyprofiles.healthcare.gov are two Assurant Health divisions named John Alden Life Insurance Co. and Time Insurance Co.

"It's time for these companies to immediately rescind these unreasonable rate hikes, issue refunds to consumers or publicly explain their refusal to do so," said HHS Secretary Kathleen Sebelius.

Since state and federal regulators started reviewing proposed rate increases in September, insurers have tried to raise rates less than they did before the new rules took effect, the agency said.

The agency said insurance rates were unreasonable in Idaho and the other states because the insurers wouldn't be using enough of their premium dollars "for actual medical care and quality improvements, and because the justifications were based on unreasonable assumptions."

Have your health insurance premiums risen by at least 30 percent in a year? The Statesman wants to hear from you. Call or email reporter Audrey Dutton at adutton@idahostatesman.com or 377-6448.

Source: http://www.idahostatesman.com/2012/03/22/2046352/idaho-health-insurance-rate-hikes.html

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