Tell Us What COVID-19 Is Doing to 2021 Prices: Consumer Reps to State Reguators
April 28, 2020 by Allison Bell
Consumer representatives want health insurers to give details about how COVID-19 is affecting their proposed 2021 major medical insurance rates.
Eighteen of the reps have asked the National Association of Insurance Commissioners (NAIC) to require insurers to put specific COVID-19 impact information in their rate filings.
“General statements or premium surcharges based on uncertainty provide insufficient information for regulators and the public to evaluate,” the reps write in a letter to the NAIC’s Health Actuarial Task Force. “The inclusion of specific information — ideally alongside assumptions about the COVID-19 infection rate, assumed morbidity rate, and other data — will also help insurers demonstrate to regulators that they are adequately preparing in response to the COVID-19 crisis.”
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