Kentucky will receive more than $3.2 million in federal grants to help state officials track health-insurance premium increases and make insurers more accountable.
The funds are part of guidelines set forth in the Patient Protection and Affordable Care Act, the federal health reform law. It requires makes rate increases of 10 percent or more in the individual and small-group market subject to approval by experts who will determine if the increases are reasonable. The law also requires insurers to to justify to the public rates that are considered unreasonable.
The Kentucky Department of Insurance will use the federal funds to expand the scope of its rate reviews; improve transparency by establishing a tool on its website that will give consumers access to rate filings without an open records request; hire new staff, and improve its technology. (Read more)