Ihealthinsurancetexas CEO Applauds Million Dollar Grant To Texas
ihealthinsurancetexas CEO is happy that the state has recieved a funding of a million dollars. This money, he believes, will help check insurance companies from hiking premiums unreasonably.
- Austin-San Marcos, TX (1888PressRelease) August 21, 2010 - Texas is all set to receive a million dollars as grants to help crack down on health insurance premiums increases, Health and Human Services Secretary Kathleen Sebelius has confirmed. And Gream McLauren, the chief of ihealthinsurancetexas,inc believes that this funding comes at a good time as it will help Texans receive value for their dollars as there will be check on insurance companies hiking premiums unreasonably.
Texas currently does not review rates. There have been reports that the state does not have the authority to impose consumer protection standards. But the Texas Insurance Department has clarified that it has the right to review if the hike is more than 50 %.
The Affordable Care Act provides states with $250 million in Health Insurance Premium Review Grants over five years to help create a more level playing field by holding insurance companies accountable for unjustified premium increases. Applications for the first round of Health Insurance Premium Review Grants were made available June 7.
The first million of Texas's funding has already comes its way. Texas has clearly decided on the following areas in which it will use its funding:
- Improve the review process
- Increase transparency and accountability
- Develop and upgrade technology so that it is easier to compile and analyze the health insurance data of the state
- Review justification for unreasonable hike in premium prices and make them public.
The $250 million will be used over a period of about 4 years to bring in changes in the health insurance process in the state and to make the Affordability Act more effective. This will include provisions to promote high-value, high quality healthcare system for all Texans. However the use of the first installment will be restricted to help crack down on health insurance premium increases and to make healthcare services more affordable to the Texans.
About iHealthinsurancetexas:
iHealthinsurancetexas, Inc.( http://www.ihealthinsurancetexas.com), is geared to provide health insurance plans and policies to the residents of Texas offering the most suitable advice. Using the online platform provided by ihealthinsurancetexas, individuals, families and small businesses can search,compare and purchase suitable health insurance from leading providers in Texas.
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