August 14, 2018
The Affordable Care Act (ACA) requires insurers who plan on modifying plan premiums to submit their rates to either the state or federal government for review. This applies to plans included on state and federal healthcare insurance exchanges.
The rate review process is designed to improve insurer accountability and transparency. It ensures experts are evaluating whether the proposed rate increases are based on reasonable cost assumptions and solid evidence. The rate review process also gives consumers the chance to comment on proposed increases.
The ACA requires a summary of rate review justifications and results to be accessible to the public in an easily understandable format. The attached article summarizes the proposed rates changes that have been submitted at this point in time.
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