In addition to several restrictions, the bill would give the Illinois Department of Insurance authority to review and either approve or disapprove rate hikes in large-group insurance plans, similar to the rate review authority the agency was given last year over small-group plans.
While a bill like this may sound good at first, it could really drive up the cost of insurance or actually limit drug availability. Some of the most advertised drugs on TV right now are expensive biologic treatments. Many of these products are several thousand dollars a month. These new medicines are game changers for many but there are also some people that are treated fine with older less expensive medicines. The insurance companies want patients to try the less expensive medicine to see if that works first before authorizing a product that could cost 5 thousand a month. Yes… Read more »
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
While a bill like this may sound good at first, it could really drive up the cost of insurance or actually limit drug availability. Some of the most advertised drugs on TV right now are expensive biologic treatments. Many of these products are several thousand dollars a month. These new medicines are game changers for many but there are also some people that are treated fine with older less expensive medicines. The insurance companies want patients to try the less expensive medicine to see if that works first before authorizing a product that could cost 5 thousand a month. Yes… Read more »