California Insurance Commissioner Dave Jones today announced that after a review of Anthem Blue Cross’ rate filing, the insurer has agreed to reduce their rate hike on 630,000 Californians, from 17.93% to 13.87% on average, for a savings to California consumers of $54 million.
We are pleased that California consumers will save $54 million because of the additional insurance company oversight under the Affordable Care Act, but these are still big rate increases, and California should take additional steps to bring down health coverage costs.
The reduction shows that oversight matters. These savings were acheived because of aggressive action by Insurance Commissioner Jones, and rules that weren’t in place just a few years ago. But there’s more that California can and should do ensure that insurers justify their rate increases, and to bring down the overall cost of health care.