1/12/12 CCIIO announced that in conducting a rate review of Trustmark Life Insurance Companyunder §1003 of the ACA it found that the health insurer is charging small businesses in Arizona, Alabama, Pennsylvania, Virginia and Wyomingunreasonably high premium increases. The rate review program requires that insurers seeking rate increases of 10% or more for non-grandfathered plans in the individual and small group markets publicly and clearly disclose the proposed increases and the justification for them. Such increases are reviewed by either state or federal experts (in instances where states do not have such resources) to determine whether they are unreasonable. Although the ACA does not grant HHS the authority to block a proposed rate increase, companies whose rates have been determined unreasonable must either reduce their rate hikes or post a justification on their website within 10 days of the rate review determination.
CCIIO started doing rate reviews in the past few months and the Trustmark announcement of an unreasonable increase was the second such announcement.
After independent expert review, HHS determined that Trustmark's rate increase of 13% over the past year would affect 10,000 people in five states and was excessive. For example, for small businesses in Alabama and Arizona, when combined with other rate hikes made over the last 12 months, rates have increased by 27.2% and 18.1%, respectively. In this case, CCIIO determined that the rate increases were unreasonable because the insurer did not meet the medical loss ratio (MLR) spending rules under the ACA and would be spending a low percent of premium dollars on actual medical care and quality improvements, and because the justifications were based on unreasonable assumptions. Under its premium increase proposal the company would have spent from 56% to 74%, depending on the state. (The ACA's MLR rules require that 80% be spent on medical care). Trustmark responded that they will be in compliance with the MLR rules and if there are instances where they are not, they will promptly rebate the difference to those customers.
For more information about this rate review and to find state rate increase information, visit: http://companyprofiles.healthcare.gov/
For general information about rate review, visit: http://www.healthcare.gov/law/features/costs/rate-review/
Upcoming Events
Quarterly Affordable Care Act Implementation Stakeholder Meeting
Monday, March 12, 2012 from 2PM- 3PM
1 Ashburton Place, 21st Floor
Boston, MA
Money Follows the Person (MFP) Working Group
Thursday, February 2, 2012 from 2 PM - 3:30 PM
Saxe Conference Room
Worcester Public Library
3 Salem Square
Worcester, MA
Please contact MFP@state.ma.us to attend the MFP meetings and to request reasonable accommodations.
More information on MFP can be found at: Money Follows the Person