Maryland to Receive $1 Million to Help Crack Down on Health Insurance Premium Hikes

Statement

Today Maryland Congressman Chris Van Hollen applauded the Department of Health and Human Services' announcement that, as part of the Affordable Care Act, Maryland will receive a $1 million grant to help crack down on health insurance premium increases. This funding will help Maryland improve the oversight of proposed health insurance premium increases, take action against insurers seeking unreasonable rate hikes, and ensure Marylanders receive value for their premium dollars.

"The key purpose of the Affordable Care Act is to ensure access to quality, affordable health care for all Americas. The grants being provided will allow Maryland and other states to combat unfair rate increases," said Congressman Van Hollen. "During the eight years of the Bush administration, health insurance premiums doubled while health insurance industry profits quadrupled, and in the first half of 2010 health insurance companies raked in billions in profits and their CEOs made millions. Insurance companies are doing great and this is in part due to the significant rate increases that the industry implements every year. Unfortunately, health insurance companies are already saying they will have to raise rates again next year and this time they are cynically blaming the new health care law. In fact, the Affordable Care Act helps to lower costs by putting in place critical market reforms. These grants are an important tool to protect Maryland consumers and small businesses from unreasonable rate hikes."

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