Commissioner Receives Wellmark Rate Increase Filing, Initiates Rate Review Process
Statutory rate review process begins with insurer filing for increase, opportunities for consumer comments and participation in hearings posted .
Des Moines, October 20, 2011– Iowa’s largest health insurer, Wellmark, has filed a rate increase request with the Iowa Insurance Division for its individual health insurance policies on subscribers under the age of 65, effective on April 1, 2012. Because the average base rate increase of 9.35% exceeds a trigger point established in Iowa law, expanded rate review processes will be followed, including the use of an additional external actuarial analysis, the creation of a portal for the receipt of comments by consumers and the scheduling and conduct of public hearings as additional platforms for comments and discussion.
Reasons given by the company for the rate increase request are specifically attributed to cost of medical services, with none of the increase being used for administrative costs of the company in the conduct of doing business or making payments for the comprehensive health care claims of their customers.
Comments may be submitted for consideration by the Commissioner by calling the Consumer Advocate for Insurance at 877-955-1212 or electronically via this link.
The public may join in a hearing to be held on December 10, 2011 at the Urbandale Public Library between 11:00 AM to 12:30 PM or over the ICN system available at the following interactive sites at that time:
TY LOCTION ROOM
North Campus/Trustee Hall, Room #528
Linn Hall, Room #107, (from lobby, 1st floor, end of east/left hall)
Looft Hall, Room #024, (downstairs lower northwest corner of building)
Enter lobby of main entrance, turn left down hallway, last room on the left side
Northwest side of the high school building, from the auditorium parking lot. Take next door to the north from auditorium doors, 1st classroom on left.
Advanced Technology Center, Room # 108, (Come in on the Alta Vista entrance and turn left at the first parking lot on the left. Go to the back of the building)
Red Oak Center Room, Room # 116
Building A, Room # D202 (Use Entrance # 14)
Go to adult's area of library. Sign will be on meeting room door.
Room # 110
About the Iowa Insurance Division
The Iowa Insurance Division (IID) has general control, supervision and direction over all insurance and securities business transacted in the state, and enforces Iowa’s laws and regulations. The IID investigates consumer complaints and prosecutes companies, agents and brokers engaging in unfair trade practices. Consumers with insurance or securities-related questions or complaints may contact the IID toll free at 877-955-1212 or visit the division on the web at www.iid.state.ia.us.