Over 5,000 small businesses in California are facing large health insurance premium rate hikes in 2015, reaching double-digits on average, according to the Los Angeles Times.
Aetna, the third-largest health insurer, is upping premiums by as much as 20 percent on small businesses in California beginning Jan.1, sparking state insurance commissioner Dave Jones to roundly criticize the hikes.
Jones’ office claims Aetna’s hikes, which reach 10.7 percent on average, will cost small employers $23.5 million in “excessive premiums;” the state had argued that Aetna should have increased rates by only 2.6 percent for group of 64,000 employees and dependents.
“There should be savings passed on to businesses and consumers,” Jones told the L.A. Times. “Employers large and small should be asking their health insurer why they aren’t benefiting. What is frustrating for me is I know these rates are excessive and I can’t do anything about it.”
Jones lost a bid in November’s elections to gain the ability to deny rate increases to California health insurers. Voters roundly turned down Proposition 45 with almost 59 percent voting against it.
http://dailycaller.com/2014/12/19/small-businesses-get-double-digit-rate-hikes-in-california/
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