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For decades, consumers have watched routine, double-digit increases with eyes wide open, but arms at their sides. What, after all, can the little guys do? Turns out we can do a lot with existing laws and regulations, and a little cooperation between ourselves.
That’s great, you say. But what exactly is rate review and how will it help?
Consumers Union explains: “Rate review is the process by which state or federal insurance regulators review health plans’ proposed insurance premium rates to ensure that they are reasonable based on a variety of factors. Although easier in some states than others, public participation has the potential to not only hold down premiums for consumers but also to apply pressure to reduce the underlying health care cost drivers in a state.”