1.5 Million Californians To See July 1 Health Insurance Premium Increases, Some As High As 92.5%, St

[Donnachaidh]

http://www.consumerwatchdog.org/newsrelease/15-million-californians-see-july-1-health-insurance-premium-increases-some-high-925-stat

Santa Monica, CA -- More than 1,500,000 Californians will face health insurance premium increases on July 1 averaging 3% to 17.4%, according to state filings. Some patients with Aetna small business plans will see premium increases as high as 92.5%. California insurance regulators need the power to protect consumers and deny such steep rate increases when they are found to be excessive or unjustified, said Consumer Watchdog.

AB 52 (Feuer) would require a health insurance company to get approval from the elected insurance commissioner before a health insurance rate hike takes effect -- subjecting health insurance rates to the same strict rate regulation that auto, homeowners and other insurance companies already comply with in California. The bill will be heard in the California State Senate Health Committee Wednesday afternoon. The majority of states have the power to reject unreasonable premium hikes, but not California.

“This is an urgent life and death issue for those Californians who face premium hikes Friday as high as 92% because California is one of the few states without premium regulation,” said Consumer Watchdog president Jamie Court. “Californians will continue to be held hostage by profiteering health insurance companies if the legislature does not grant the elected insurance commissioner the power to stop arbitrary and unnecessary premium hikes.”

In recent years, health insurance policyholders in California have seen repeated massive rate hikes like those set to take effect Friday, even as medical inflation has been fairly low. Consumer Watchdog noted that these skyrocketing rates have coincided with ever-increasing profits for insurance companies. According to Aetna's rate filing, the insurer's 2011 companywide rate of return is projected to be 24.8%.

More at the link --

[Johonny]

1. on the other hand we can't raise taxes on rich people

to balance our budget. What a magical state California is.

[xchrom]

2. Recommend

[Gregorian]

3. We get bombs, not health care.

This country is a joke. The rest of the world cannot believe our willingness to put up with it.

[progressoid]

4. USA! USA! USA!

Best healthcare in the WORLD!

[msongs]

5. that's a big boost for the CA health care for all single payer moverment :-) nt