Today look for Senate Democrats to push for greater consumer protection from health insurance increases for Indiana residents. A package of amendments to House Bill 1240 is expected to strengthen the state’s regulation of health insurance rate increases, establish a statutory standard for cents on the dollar spent for medical benefits instead of profits, and expand public notice process for premium hikes.
If approved the amendments will do the following:
- Limit the year to year rate increase to a maximum of 15%. Read Amendment 1240-4 >
- Require that 70 cents for every premium dollar be spent on medical care benefits. Read Amendment 1240-9 >
- Require the Indiana Department of Insurance to publish the percentage of premium dollars spent on medical benefits vs. administration and profits under each plan. Read Amendment 1240-10 >
- Adopt a public hearing process through the Indiana Department of Insurance and require a 60 day notice to consumers before a rate increase takes place. Read Amendment 1240-5 >
Earlier this week Health and Human Services Secretary Kathleen Sebelius released a new government report calling for health insurance reform and increased federal oversight saying that the increased health insurance premium rates are likely to continue. Read the full story > At the same time, national attention has been drawn to health insurance rate increases by Indianapolis-based company WellPoint. Today WellPoint CEO Angela Braly will testify before a congressional committee in D.C. Read the full story from the Indy Star >
The Senate will reconvene for session at 1:30 p.m. today. Watch live here >