Providence’s Proposed Double-Digit Rate Hike Merits Close Scrutiny, May Overcharge Consumers
"This is the third year in a row Providence has proposed a double-digit rate hike on tens of thousands of Oregonians, and their rates have nearly doubled since 2015," said
"The more we dig into
Key findings of
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* A 13.6% increase would have a significant negative impact on affected Oregonians. Yet another double-digit rate increase for Providence members would be disruptive and does not seem consistent with
Background on
In 2010, new rules went into effect strengthening the standards that health insurance companies must meet before raising premiums. Insurers must justify rate hikes in writing, showing that they are not excessive and explaining how the insurer is working to reduce costs. All rate filings are public information, available online, and open to public comment. DCBS evaluates these justifications, and must take public input into consideration. In 2011, DCBS began to hold public hearings on significant rate increases. See here for a schedule of public hearings for the 2018 rate proposals.
Since these changes have taken effect, DCBS has significantly stepped up their scrutiny of health insurers' rate hike requests. Since 2010, it has cut back many proposed rate hikes, cutting over
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