Ed. note: This is cross-posted from Healthcare.gov.
The Affordable Care Act holds insurance companies accountable and puts more money back into the pockets of Americans across the country. According to a new report, consumers saved over $2 billion because of new rules that protect people from insurance industry abuses.
As a former Insurance Commissioner, I’m familiar with how alone consumers can feel when dealing with their insurance companies. Under the health care law, insurers are finally being held accountable to their policyholders. For the first time ever, new rate review rules in the health care law prevent insurance companies in all states from raising rates with no accountability or transparency. Forty-five states and the District of Columbia have received $160 million in grants to increase their oversight of premium hikes.
Some states, like Nevada, are using the funds to better educate consumers about the resources available to them. Others – like Mississippi and South Dakota – have used the money to add new consumer protections. In these states, officials can not only review rate hikes, but can also reject those hikes that are not justified.
Fonte: White House