SOURCE: www.harkin.senate.gov
WASHINGTON, D.C. – Senate Health, Education, Labor and Pensions Committee Chairman Tom Harkin (D-IA) released the following statement after today’s announcement by the U.S. Department of Health and Human Services of new Affordable Care Act regulations to bring transparency and scrutiny to proposed health insurance rate increases:
“I applaud Secretary Sebelius for proposing a rule that delivers on the Affordable Care Act’s promise to bring unprecedented transparency to the health insurance market. When combined with the Medical Loss Ratio requirements issued earlier this month, this provision will provide more information to consumers than ever before about why they are paying the rates they are.
“By requiring insurers to publicly justify large rate increases and mandating close scrutiny of those justifications, the rule brings a previously obscure process into public view. Experience shows that sunlight is the best disinfectant — such transparency will deter companies from proposing excessive, profit-seeking premium hikes.”