HHS set to review double-digit insurance hikes in 10 states
HHS will review double-digit health insurance rate increases in 10 states where it has deemed rate regulation is too weak for states to do it themselves, according to the CMS Center for Consumer Information and Insurance Oversight. The Patient Protection and Affordable Care Act gave states and the federal government the authority to review rate increases on the individual and small-group markets and require insurers to justify rate hikes above 10%, starting Sept. 1. As of July 1, 43 states have effective rate review in at least one insurance market, according to the CMS. In three states, the federal government will partner with the state to conduct reviews. And in seven states and four U.S. territories, federal officials will conduct the reviews. The CMS will continue to accept information from the states on the matter and monitor states “in order to ensure correct classification,” according to the CMS. States where the CMS will take over the review process are Alabama, Arizona, Idaho, Louisiana, Missouri, Montana and Wyoming. Meanwhile, in Iowa, Pennsylvania and Virginia, federal regulators will partner with states to do the reviews.