Yesterday’s Chicago Tribune featured an interesting interview with Michael McRaith, director of the Illinois Department of Insurance, about the effects of the new health insurance laws on Illinoisans. Here’s something McRaith said that jumped out out at us:
“Effective immediately, the secretary of (the U.S. Department of) Health and Human Services, in conjunction with the states, has authority to review and challenge unreasonable health insurance rate increases.
Right now, insurance companies report premium increases in the individual market, but we (in Illinois) do not have the authority to approve or deny rate changes. In the small-employer market, we don’t even get informed of rate increases or premiums charged.
We will establish a protocol (for reporting data) as soon as possible. … It is absolutely certain that if there is an unreasonable rate increase, we will examine that and we will challenge that.”
All we can say is hip-hooray. You can read the entire article here