Boston, MA, April 15 (TNSPol) — Health Care For All issued the following press release on April 14, 2022:
Health care for all and Massachusetts Retailers Association have joined forces today to issue a rare joint statement from a consumer and retailer advocacy perspective. Both organizations praise the new proposal Insurance Division regulations that create new tools to strengthen state review and approval of health insurance premiums for small businesses, individuals and families.
“The rise in health insurance premiums has been overwhelming Massachusetts families and small businesses for far too long,” said Amy Rosenthal, CEO of Healthcare for All. “These proposed changes will help shed light on why premiums are rising, as well as allow regulators considering rate increases to hear from the public about health insurance affordability issues.”
“There is no bigger or more timely issue for small businesses and their employees than meaningful health care cost containment and insurance reform,” said Jon Hurstpresident of the Massachusetts Retailers Association. “The Governor’s Bill and the Bill Insurance Division regulations strike an important balance in finding appropriate market and regulatory solutions designed to give small businesses more fairness in their health insurance premiums and choices.
Health care for all and Massachusetts Retailers Association congratulated the Administration Baker and Insurance Division for their work in bringing this idea to life and we look forward to ensuring that strong language crosses the finish line as the Division considers public feedback on these proposed changes over the next thirty days.
Context of the proposal
For many years, health insurance premiums for individuals and small businesses have continued to rise at rates that far exceed general inflation and the current state cost growth benchmark of 3.1 %. For example, in 2021 and 2022, premiums for these groups increased by 6.9% and 7.9%, respectively.
These increases have led many residents with private insurance to spend an increasing share of their income on health care and have placed significant pressure on employers to provide quality health coverage to their employees.
Proposed changes to state regulations would give the Insurance Division additional leverage and tools when reviewing and approving proposed premium increases for individuals and small businesses. This includes increased transparency so policymakers and the public can better understand exactly what is driving premium increases, and changing the rate review frequency to allow more time for public input and negotiations with plans. health. Governor Baker recent health care legislation (S. 2774) also contains important provisions to strengthen the rate review process, including strengthening the Division’s ability to modify and disapprove proposed rates that are unjustified, in accordance with regulations In progress.
