The Illinois Department of Insurance (IDI) has applied for a federal grant to support IDI’s efforts to enhance the collection, public disclosure and analysis of health insurer premium increases in Illinois. If, as hoped, IDI’s application is approved by the U.S. Department of Health and Human Services, the $1 million grant will be available for use starting August 9.
Earlier this year, IDI published the Individual Major Medical Health Insurance Policy Rate Filing Report on premium increases imposed by Illinois health insurers for individual and family health insurance policies dating to 2005. With few protections afforded by Illinois law, families and employers in Illinois have experienced rate increases that far exceed both national averages and rates of medical inflation.
The grant opportunity provided under the federal health reform law (known as the “Affordable Care Act”) will allow IDI to establish the infrastructure and protocols necessary to collect, publish and analyze premium information so that consumers and policymakers in Illinois are better informed about health insurance premium rates and rate increases, health care costs, utilization trends and health plan benefit designs.
IDI’s grant application articulates the plan to increase actuarial staffing and invest in the necessary technological infrastructure to implement premium rate reporting, analyses and public and policymaker engagement.