The President and Congress successfully overhauled the healthcare system in a major way, making it possible for nearly four million Americans to get needed healthcare insurance. Despite this great – and historical – news, more work remains. One of the remaining obstacles we have to overcome is making sure health insurers can’t raise their premiums by an exorbitant amount. Without oversight on this front, the benefits of the healthcare bill will be lost to many.
Insurer Anthem Blue Cross in California plans to raise its insurance premiums by 39-percent, a move that has many customers on edge. The company has put the rate hike on hold for now, but the very thought of such an increase from any insurer has legislators moving quickly to act. U.S Senator Diane Feinstein (D-California) and U.S Rep. Jan Schakowsky (D-Illinois) are pushing legislation that would prevent insurance companies from raising premiums without prior approval from a regulatory body. Some states already have this step in place, most do not.