Idaho Gets a Cool Million to Battle Over-heated Insurance Premiums

by

Feds want Idaho to crack down on what they consider "unreasonable health-insurance premium hikes." As a result, $1 million has been pledged to create an Idaho watchdog, looking out for unexpected rate hikes.

The 2010 health-care law, also known as the Affordable Care Act, will create new health insurance exchanges, opening up the marketplace for health insurance. The Congressional Budget Office estimates that the exchanges should reduce premium by anywhere from 14-20 percent. Trouble is, that marketplace won't be open for business until 2014.

In the meantime, some insureds have reported double digit premium increases. The federal monies, released on Monday, are geared to help protect against what Health and Human Services Secretary Kathleen Sebelius said were "unjustifiable." The $1 million funding is to be used to enhance legislative authority, expand and improve the insurance premium review process and upgrade technology on insurance fees.