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Healthcare costs expected to rise in 2011Posted On Mon, December 27, 2010
People should get ready to stretch their budgets further for health insurance next year. The Colorado Department of Insurance, Department of Regulatory Affairs is advising residents to be prepared for premium increases.
According to DORA, there are several justified reasons for the rate hikes. From location to lab services, the expenses are on the rise for services needed to provide healthcare.
Commissioner of Insurance John Postolowski says insurers cannot unjustly impose rate hikes. States are responsible for reviewing and approving rate proposals.
"Companies who are asking for premium rate increases must show which factors are contributing to the increases, and so far, we have found that healthcare reform is zero to 5 percent of the overall increase for any company's premium rate," says Postolowski.
New York Department of Insurance Superintendent James Wrynn blasted health insurance companies earlier this year for asserting reform was causing premium increases. Similarly to Postolowski's statement, Wrynn said such assertions were simply incorrect.
Wrynn says requiring insurers to obtain permission before imposing new charges has impacted rates by 2 or 3 percent. Given the unemployment rate is nearly 10 percent nationwide, every bit of savings on healthcare matters.
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