The Centers for Medicare and Medicaid Services (CMS) wants to know what people think about the new Affordable Care Act health insurance rate increase disclosure and review program.
CMS, an arm of the U.S. Department of Health and Human Services (HHS), has published the rate review request for comments today in the Federal Register.
Section 1003 of the Patient Protection and Affordable Care Act of 2010 (PPACA) requires HHS to set up a process for collecting information about “unreasonable increases in premiums for health insurance coverage,” and for publishing information about the rate increases and insurers’ justifications for the increases.
Some states will conduct their own rate reviews. In states that cannot or will not conduct rate reviews, CMS is supposed to conduct the PPACA Section 1003 reviews.
CMS published the final version of a rate review program regulation in the Federal Register May 19. CMS plans to conduct reviews of any proposed health insurance rate increases that exceed 10%, according to the new regulation.
CMS is asking for comments on the regulation because the Paperwork Reduction Act of 1995 requires agencies to seek public comments on the burden created by information collection programs.