Health and Human Services Secretary Kathleen Sebelius scolded insurance companies for "jaw-dropping rate increases" across the country.
Sebelius met with CEOs from five major insurers and members of National Association of Insurance Commissioners at the White House on Thursday. CEOs came from UnitedHealth Group Inc., WellPoint Inc., Aetna Inc., Health Care Service Corp. and Cigna Corp.
In addition to rate hikes, Sebelius urged insurance providers to make their practices more transparent to consumers:
"Put it on a Web site, tell us what your loss trends are. Tell us what you're paying out. Tell us what you're spending in overhead and CEO salaries and advertising."
Wellpoint justified their rate increases in California due to rising medical costs and pool of aging customers.
Consumers can expect further rate increases. Anthem Blue Cross raised rates by as much as 39 percent this month, and Aetna plans on losing 600,000 clients due to rate increases.
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