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Texas health insurance

Health and Human Services Secretary Kathleen Sibelius today announced the award of $1 million to Texas to help break down on Texas health insurance premium increases. Texas will use this Affordable Care Act support to help improve the oversight of proposed health insurance premium increases, take action against insurers looking for unreasonable rate hikes and ensure Texans obtain value for their premium dollars.

The Affordable Care Act puts in place critical market reforms to develop quality and reduce the cost of health care for employers and individuals. Increased competition, lower insurance overhead and better risk pooling in health insurance exchanges in 2014 are expected to reduce premiums in the individual market by anywhere from 14 to 20 percent, according to the Congressional Budget Office,� said Sibelius. Between now and then, we will continue to work with States to guarantee consumers are receiving value for their premium dollars and to avoid the kind of double digit premium increases seen recently. The state proposals approved demonstrate the need and desire for new resources and tools to help them protect against unjustifiable premium increases.

The Affordable Care Act provides states with $250 million in Health Insurance Premium analysis Grants over five years to help create a more level playing field by improving how states review proposed health insurance premium increases and holding insurance companies accountable for unfounded premium increases. Applications for the first round of Health Insurance Premium Review Grants were made available June 7.

The Affordable Care Act includes a broad array of provisions designed to promote a high-quality, high-value health care system for all Americans and to make the health insurance market more consumer-friendly and transparent. Some of the provisions that take effect by the end of next year, or are already in effect, include prohibitions on pre-existing condition exclusions for children; prohibition on lifetime dollar limits in all health plans; extended access to insurance for many young adults.

This entry was posted on Friday, August 20th, 2010 at 4:07 am and is filed under Health Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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