Where is that coming from, because, that is NOT the law.
I read the law. The Patient Protection and Affordable Care Act clearly states insurance rates for younger Americans are to be set according to standard insurance ratings.
There are multipliers for older Americans and the MOST that can be charged for Older Americans is TWICE the youngest adult rate.
Now, insurance ratings may be skewed by the insurance companies to increase the younger American rate to bump up the rates to older Americans. That is illegal.
The vast majority of states (click here) tightly regulate premium rates for the individual and small group markets throughout the lifetime of a policy. In those states, health plans are required to file their proposed rates with the insurance regulator and state insurance regulators carefully review these rates to ensure that they are neither inadequate nor excessive.
If people are complaining about their insurance rates, they need to write the Insurance Commission/Regulators in their state. The federal government has nothing to do with it. If insurance companies are padding their costs unrealistically to increase premiums, that illegal. It is up to the states to review the rates companies are charging. Not to say the federal authorities can't get involved, someone has to monitor the corruption in some state governments, but, fraud definitely falls under federal statues.
But, the rate setting is conducted by the State Commissioners.
I read the law. The Patient Protection and Affordable Care Act clearly states insurance rates for younger Americans are to be set according to standard insurance ratings.
There are multipliers for older Americans and the MOST that can be charged for Older Americans is TWICE the youngest adult rate.
Now, insurance ratings may be skewed by the insurance companies to increase the younger American rate to bump up the rates to older Americans. That is illegal.
The vast majority of states (click here) tightly regulate premium rates for the individual and small group markets throughout the lifetime of a policy. In those states, health plans are required to file their proposed rates with the insurance regulator and state insurance regulators carefully review these rates to ensure that they are neither inadequate nor excessive.
If people are complaining about their insurance rates, they need to write the Insurance Commission/Regulators in their state. The federal government has nothing to do with it. If insurance companies are padding their costs unrealistically to increase premiums, that illegal. It is up to the states to review the rates companies are charging. Not to say the federal authorities can't get involved, someone has to monitor the corruption in some state governments, but, fraud definitely falls under federal statues.
But, the rate setting is conducted by the State Commissioners.
