Federal regulators said today that Idaho, along with eight other states, had excessive health insurance rates that were deemed "unreasonable" under the rate review authority granted by the Affordable Care Act.
The report was issued six months after the Department of Health and Human Services began reviewing proposed health insurance rate increases. Idaho insurers, including Blue Cross of Idaho, John Alden Life Insurance and Time Insurance, have proposed rate increases ranging from 13 to 16 percent. The AFA requires carriers to justify rate increases of 10 percent or higher.
"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, though the report didn't specify which insurance companies have been targeted as excessive. "Thanks to the Affordable Care Act, consumers are no longer in the dark about their health insurance premiums."
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