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To:Transparency and Readability Working Group MembersFrom: United Policyholders Date: December 15, 2023, Re:Proposed Premium Increase Transparency GuidanceUnited Policyholders appreciates the time
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As premiums rise, consumers may face increased costs for insurance, leading them to evaluate their coverage options, seek more affordable plans, or potentially forego insurance altogether.
Typically, insurance providers and companies that manage health plans are required to file reports regarding premium increases, as well as employers providing health insurance to their employees.
To fill out the necessary forms related to rising premiums, one should collect relevant insurance policy information, provide details of the premium increase, and submit the required documentation to the appropriate regulatory body or agency.
The purpose of tracking and reporting on rising premiums is to ensure transparency in the insurance market, protect consumers from excessive rate increases, and maintain affordability in healthcare coverage.
Reports generally need to include information such as the percentage increase in premiums, reasons for the increase, the impact on consumer affordability, and any changes in coverage terms.
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