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Initiative Measure On Next Ballot Will Give California The Power To Review And Reject Health Insurance Companies' Unreasonable Rate Hikes
"Health insurance rates have risen five times greater than the rate of inflation over the last decade, by 153%," said
The federal health reform law requires review of some rate increases. However it fails to give states the power to reject rate increases that the data show are excessive or unreasonable. The law relies on the bully pulpit to shame health insurance companies into reducing unreasonable rates, a strategy that has proven ineffective, said Consumer Watchdog.
"Reviewing rate hikes isn't enough when health insurance companies can simply laugh off findings that the facts don't support their unreasonable increases.
This month's unreasonable rate increase by
Insurance reform law Proposition 103 regulates auto, home and business insurance rates in
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SOURCE Consumer Watchdog