Two insurers' rate hikes planned for enrollees in nine states were deemed “excessive” as part of the Obama administration's latest effort to shame insurers into lowering planned rate increases.
The flagged rate increases planned by John Alden Life Insurance Co. and Time Insurance Co., both based in Milwaukee, included increases of up to 24%. Both companies are part of Assurant, based in New York City, where a spokeswoman did not respond to a request for comment.
The HHS rate review determinations, which were only the second since initial review findings announced on Jan. 12, are authorized by the Patient Protection and Affordable Care Act. The department opted to use that authority to review all planned rate increases of at least 10% to determine if they appeared justified by the insurer's underlying costs. However, HHS has no authority to block or modify the planned rate increases.