Dive Brief:
- Missouri remains one of the only states in the country that does not require health insurance companies to disclose their rates for 2015. In most states, insurance departments have review authority and some can even deny potential increases, forcing providers to reduce the cost.
- Rate review is particularly important now as consumers are required to have health insurance and more individuals have access to plans through state exchanges. In Missouri, plan rates won't be disclosed until open enrollment in November.
- Legislation to provide the state insurance department authority to review insurance benefits and rates has been considered in the state legislature, but never passed. This forces the insurance commissioner to rely on consumer complaints to investigate carriers. Earlier this month, Anthem agreed to a settlement with the department of insurance for $7.8 million because of overpricing plans between 2007 and 2010.
Dive Insight:
Pricing transparency has been a key factor in the Affordable Care Act. Even greater emphasis has been put on transparency since Stephen Brill's article in Time magazine exposing "chargemaster" costs.
Most states at least allow insurance departments the opportunity to hold sway over carriers in the state. This allows for cost protection and transparency of plans in which individuals are required to take part. When light is shined on a state like Missouri, which is at the back of the pack on this issue, change often follows. Though it can be hard in a state where, according to the Kaiser article, there are no campaign finance limits and insurers are notoriously high contributors to legislative campaigns.