A federal award of $1 million will help the state of Florida fight unreasonable insurance premium hikes, officials announced today. The Department of Health and Human Services, along with the Affordable Care Act, is providing the funding so that Florida can review insurance rate hikes before they are enacted to ensure their fairness.
Further, the state intends to use the money to take action against companies who gouge policyholders and/or unreasonably deny their legitimate claims. The award is designed to fund a review process of insurance companies that will require them to provide more information about their individual and small group health insurance plants before approving a rate increase.
Basically, the funding will give the state the power to call into question arbitrary rate hikes, hopefully preventing them across the board. Additionally, the money gives the state the ability to seek legislative authority in 2011 to really crack down on companies who are just out to make a buck.
Another key component of the award is that it will add transparency by creating a search tool on the state website that allows visitors to see rate increases easily. HHS Secretary Kathleen Sebelius estimates that this will help drop premium costs 14 to 20 percent by 2014 by spurring competition and creating better risk pooling.
If you’re being denied coverage or aren’t getting the amount of money you should from an insurance company, call an attorney today. You have rights and should not have to suffer at the hands of a big insurance company.