Ohio is one of 45 states to receive a $1 million federal grant designed to improve regulatory oversight of health insurance premium hikes.
The funding, part of this year’s controversial health reform package, will enable state regulators to hire more people to review health insurers’ proposed rate increases.
State regulators have the authority to review insurers’ proposed rate hikes before they’re implemented, then accept or reject those proposals. In the small group market, about 35 percent of rate filings by insurers are rejected, according to a statement from Sen. Sherrod Brown (D-Ohio).
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The state also plans to use the grant to upgrade its technology surrounding rate reviews, such as improving data analysis tools, enhancing its database, and developing a web application to help consumers understand the insurance rate information, according to Brown’s statement.
The $1 million grants went to 45 states and the District of Columbia, according to a statement from the U.S. Department of Health and Human Services (HHS).
The health reform law, known as the Affordable Care Act, provides $250 million over five years to help states review premium increases.
HHS says stronger oversight of insurance rates is needed because premiums have doubled, on average, during the last 10 years, putting health coverage out of reach for millions of Americans and business owners.
