Residents in Illinois has scratch word may have noticed a recent spike in their health insurance premiums. The Illinois Department of insurance has just announced a plan to increase its review of current health insurance premium increases.
They will be applying about $1 million in federal grant money to collect and analyze the health insurance premium information. This money comes from the new national health overhaul law. Federal officials will first have to approve the states application.
Most health insurance plans are already considered very expensive. Many people and their families are struggling to maintain some sort of health insurance plan. The cost associated with the insurance coupled with the cost of care can often be too difficult for families. These increases only make those struggling placed in an even greater amount of financial burden.
Once approved, they may be able to receive the grant money as soon as next month. This grant money may give regulators many more opportunities to help and protect employers and families in Illinois.
The so-called abusive premium increases would be controlled. Some of the health plan rate increases exceed national averages and rates of medical inflation says the insurance department. More on this as it develops.