July 16, 2010 Leave a comment
Business Week ran an article about turmoil and disagreement within Governor Patrick’s office regarding the freezing of health insurance rates by Massachusetts’ providers. Our take is that while we were also affected by health care costs with a huge (20+%) rate increase in April, artificially freezing rates by government edict is no good solution. Instead of making the market more open, it has frozen the market. We still cannot quote alternative options for our small business customers. Businesses don’t even know their true costs today. If insurance companies prevail and are permitted to charge the rates proposed beginning in April retroactively, business customers will have to pay back premium for several months. None of this is good for an open and competitive environment. See the full story here.
Gordon Insurance is watching developments closely so we can offer real options as soon as they become available. Until we know what the rates are, shopping for a better insurance plan is an academic exercise only. Visit us at our homepage for solutions to your risk and benefits problems.