Premium Increases – New Healthcare Law « Health Insurance Advisory

Welcome to the New Healthcare Law Center and State News

new healthcare reform lawThe new healthcare law, called the Patient Protection and Affordable Care Act (PPACA), represents comprehensive healthcare reform legislation signed into law on March 23, 2010. It contains numerous provisions designed to protect consumers and promote low cost medical insurance, including many new taxes to pay for the cost.

In this section of the site, you can also obtain the following information specific to your state: available medical insurance options, efforts to regulate medical insurance premiums, healthcare, the individual medical insurance marketplace and the new healthcare law.

Our objective is to help Americans make sense of the new healthcare law by explaining key provisions in plain English and assisting individuals, families and the self-employed in using this information to find and secure affordable medical insurance.

Research Medical Insurance Rate Increases by Health Insurance Company

In a move to make medical insurance more affordable, the new healthcare law requires that all health insurance companies post their rate history on the federal government’s website. The goal is to create openness and transparency among health insurers. The site’s address is http://companyprofiles.healthcare.gov/. Consumers can now click their state to see a particular health insurance company’s rate history, including justification for doing so. “Prior to the new healthcare law that information was largely unavailable,” according to Steve Larsen, the Department of Health [...]

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Divided opinion on new healthcare law- uninsured seen to benefit most

Views on the new healthcare law, called the Patient Protection and Affordable Care Act (PPACA), remain divided and relatively unchanged since its passage on March 23, 2010 among all age groups, the insured and uninsured: 44% have an unfavorable view of the law 39% see the law as favorable 17% don’t know or are undecided While there has always been a partisan divide over the new healthcare law, it appears to be softening in recent months. In August, six in [...]

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New law to promote affordable medical insurance- Will it work?

Health insurance companies are now required to post explanations of premium increases of 10% or more and submit them for review to state and federal regulators. This mandate is required by the new healthcare law. By requiring health insurance companies to justify premium increases, there is greater price transparency and increased public pressure to keep rates lower in order to avoid bad press. The new law still has a loophole though. Even if government officials consider the premium increase unjustified, the [...]

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Nevada Insurance Division taking feedback on medical insurance premium increases

The Insurance Division for the state of Nevada just announced it will be accepting feedback from consumers about premium increases on individual medical insurance plans and employer group health plans. The new healthcare, called the Patient Protection and Affordable Care Act, mandates health insurers publish proposed premium rate increases on the web so consumers can communicate their feelings about the rate hikes. For this purpose, the state Insurance Division installed a new section on its website to allow individuals and small employer [...]

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Medical insurance premium increase review regulation implemented by Michigan

New rate filing requirements for individual medical insurance plans and small employer group health insurance have just been implemented by the Michigan’s Office of Financial and Insurance Regulation. These new rules apply to new health insurance rate filings and are in accordance with the rate review provisions of the new healthcare law, called the Patient Protection and Affordable Care Act (PPACA). Historically, all health insurers had to file rates for individual medical insurance plans in Michigan. Additionally, Blue Cross Blue [...]

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New rules in effect to protect consumers from rate increases on medical insurance plans

Effective today, health insurance companies must provide written justification when they propose raising rates for medical insurance plans by ten percent or more. This is accomplished by Health insurers posting notices in a clear, easy-to-understand format on a new consumer website maintained by the Department of Health and Human Services, called Healthcare.gov.  Also, rates for medical insurance plans will be evaluated by experts to see whether they’re justified. That information will be made available to consumers too. The goal is to create [...]

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Will medical insurance be more affordable under reform? New report shows triple digit growth rate.

Remember when President promised the new healthcare law, called the Patient Protection and Affordable Care Act (PPACA), would reduce the cost of medical insurance? “Under [our] plan, if you like your current health insurance, nothing changes, except your costs will go down by as much as $2,500 per year,” said Obama in 2008. The new healthcare law, like Romneycare in Massachusetts, would magically eliminate the mythical “free-rider problem” by massively subsidizing health spending for the lower middle class. The Office [...]

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Healthcare Costs to Hit 20% of U.S. Spending by 2020

U.S. healthcare costs will account for 19.8 percent of the nation’s spending by 2020, up from 17.6 percent in 2009, with the government paying a bigger portion of the bill, researchers say. The report, published by the journal Health Affairs, looked at projected U.S. health spending through 2020 and estimated the government’s share of health spending will increase from 45 percent today to 49 percent by 2020. The increase is partly due to a percentage of the 30 million people [...]

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Will My Medical Insurance Premiums Increase?

Major medical insurance premiums will increase as a result of the new healthcare law guaranteeing richer benefit levels than most Americans have today, based on a study commissioned by the Blue Cross Blue Shield Association.  New fees and taxes mandated by the law will also likely increase the cost of major medical insurance as the new requirements are phased in. The study also found that insufficient medical insurance premium discounts for the young and healthy could encourage many individuals to [...]

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Medical Insurance Premium Increases Under New Healthcare Law

If you have an individual medical insurance plan, self employed medical insurance or employer sponsored group health insurance plan, you will likely be paying more according to the Oxford Press of Ohio.   Their report concluded that premiums for medical insurance coverage will increase for everyone as a result of more provisions of the new federal healthcare law going into effect September 23, 2010. “Medical insurance premiums are projected to increase as much as 5 percent,” said Kelly McGivern, president and [...]

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