SB 865 adds transparency and advance notice for consumers.
Missouri Can Now Review ACA Premium Increases
Last month, Governor Jay Nixon signed a bill into law that would prevent health insurance companies from raising rates for Affordable Care Act plans in Missouri without first going through a review by a state agency. Missouri was the last state to institute this measure of transparency and review, according to a spokesperson for the state Department of Insurance, Financial Institutions and Professional Registration.
The bill—SB 865, the Missouri Health Insurance Rate Transparency Act—includes a provision allowing a state agency to review the proposed rate hike, decide if it’s reasonable, and request a change if it’s not. While the agency can’t reject the rate increase outright, it can make it public. This transparency and advance notice would also give consumers a chance to comment on the proposal.
The bill goes into effect on Aug. 28, and final premium rates will be announced later this year.
