(wire)
Obama to propose insurance rate limits
President Barack Obama is proposing to grant federal authorities the ability to limit rate hikes by health insurance companies.
The proposal is part of Obama's new health care reform plan that will be unveiled today, according to white house officials.
In the past, regulation of rate hikes has fallen under the jurisdiction of states.
The new plan, with an expected price tag of around $1 trillion over 10 years, will likely face GOP opposition, and is expected to require the majority of Americans to carry health insurance coverage, with federal subsidies in place to help those who can't afford premiums.
In addition, it would prevent insurance companies from denying coverage to or denying coverage for those with medical problems.
The proposal is part of Obama's new health care reform plan that will be unveiled today, according to white house officials.
In the past, regulation of rate hikes has fallen under the jurisdiction of states.
The new plan, with an expected price tag of around $1 trillion over 10 years, will likely face GOP opposition, and is expected to require the majority of Americans to carry health insurance coverage, with federal subsidies in place to help those who can't afford premiums.
In addition, it would prevent insurance companies from denying coverage to or denying coverage for those with medical problems.
