HHS awards State of Vermont $3.8 million for insurer rate review
The Vermont Department of Banking, Insurance, Securities & Health Care Administration (BISHCA) has been awarded a three-year, $3.8 million grant from the federal Department of Health & Human Services (HHS). The grant is part of the “Affordable Care Act – Rate Review Grant Program” and was awarded through HHS’s Office of Consumer Information & Insurance Oversight.
“We are extremely pleased to learn that we’ve been awarded this grant,” said Commissioner Steve Kimbell. “Linking knowledgeable Vermont consumers to the health insurance rate setting process is an important tool in controlling health care costs. This grant is yet another example of the benefit to Vermont of President Obama’s health care reform legislation.”
BISHCA had applied for the funds to enhance the rate review process, ensuring greater transparency and access to affordable health insurance for Vermont residents. BISHCA will use these funds to develop filing standards for Third Party Administrators, post rate filings for public comment to its website and build the data and analytical structure to support a more comprehensive rate review process.