Before the Affordable Care Act became law, many insurance companies could raise your premiums without any transparency or accountability. If you wanted to know why your rates were going up, they were under no obligation to tell you.
Thanks to the Affordable Care Act, that’s all changing. Starting September 1, 2011, in every State and for the first time ever, insurance companies are required to publicly justify their actions if they want to raise rates by 10 percent or more. The Affordable Care Act also included $250 million to help States strengthen their rate review procedures so they can successfully fight high premium hikes and help keep costs under control.