New Site Shows Health Insurance Rate Hikes

Beginning now, consumers across the country can click their state on a federal webpage to see if a health insurer has raised its rates, as well as the company’s reason for doing so.  The new site will also include a section where consumers can comment about rate increases.

Beginning Sept. 1, insurers who wanted to raise their rates 10 percent or more for individual or small group plans had to say why.  If a company has not raised its rates, it will not be listed on the web application at Healthcare.gov. Insurers now must also pay consumers rebates if at least 85 percent of the money spent on a plan does not go directly to health costs.  Those rebates will begin next year and that information would be included on the website as it becomes available.