Democratic Leader Nancy Pelosi released the following statement today after the Department of Health and Human Services announced its new rate review initiative, created by the Affordable Care Act. Starting today, health insurers seeking to raise rates by 10 percent or more must submit their request to state or federal reviewers to determine whether they are reasonable. In the coming weeks, consumers will also be able to go to healthcare.gov to view information on unfair rate hikes.
"Today's announcement reflects some of the key goals of the Affordable Care Act: more transparency for consumers, greater accountability for the insurance industry, and lower health costs for families and businesses.
"For too long, in many cases, insurance companies could raise their rates at will -- without explaining their actions and without any regard for their impact on the pocketbooks of America's patients. That ends today. No longer will consumers be kept in the dark about unfair rate hikes; no longer will Americans be left at the whims of insurance company profits.
"With health reform, we tilted the balance toward our workers and our middle class; we empowered the American people; we put consumers' interests first and put coverage in reach of every family. And with today's changes, we are holding insurance companies accountable and ensuring that all Americans can access the information they need to make informed decisions about their insurance and their medical care."