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States issued funds to help monitor health insurance companiesPosted On Wed, August 18, 2010
Health insurance companies should prepare themselves to face extra scrutiny anytime they want to make a premium rate increase. Health and Human Services Secretary Kathleen Sebelius has announced that funding will be available to states to help keep insurance companies in line.
A combined $46 million will be available to 45 states and the District of Columbia to help oversee health insurance companies. The HHS Department says that premiums have doubled on average over the past decade, making it difficult for many afford coverage.
"We will continue to work with states to ensure consumers are receiving value for their premium dollars and to avoid the kind of double-digit premium increases seen recently," says Sebelius. "The state proposals approved today demonstrate the need and desire for new resources and tools to help them protect against unjustifiable premium increases."
Starting in 2014, most Americans will be required to obtain health insurance either through an employer, on their own, or through the government. People who have to purchase health insurance on their own are particularly affected by rate increases imposed by insurers.
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