Shining a Light on Insurance Companies
The cost of health insurance for the average working American more than doubled over the last decade, leaving many Americans feeling like they're at the mercy of insurance companies, with no control over when the next exorbitant rate hike was coming.
That's not okay. And now it's starting to change.
Just yesterday, we announced a proposed new policy to help hold insurance companies accountable. These new proposed rules would allow the Department of Health and Human Services, in coordination with states, to require many insurers to publicly disclose and justify unreasonable rate increases.
For too long, it's been all too common to open your mailbox this time of year and find a letter from your insurance company saying your premiums are going up 20, 30, or 40 percent - often with little or no explanation.
Whether it's insurance for yourself, your family, or your small business, this is the kind of news that not only spoils your holidays, but can also endanger your health care coverage - and your health.
These new rules bring unprecedented transparency and oversight to insurance premiums to help states reign in excessive and unreasonable rate increases that have made insurance unaffordable for so many families.
Rather than explain all the details in an email, here is a video where I explain the new proposed rules and why they are important for your health:
Click Here to Watch My White House White Board Video
We believe that shining a light on insurance premiums will convince more insurers to think twice before submitting large rate hikes, the impact of which will be felt by millions of Americans.
This is our latest step to put health care where it belongs - in the hands of consumers instead of insurance companies.
Please help to spread the word and share this video with your friends and family this holiday season. And for more on our efforts to hold insurers accountable, read this blog.
Secretary of Health and Human Services
Posted: December 23, 2010
More Government & Politics »