The U.S. Virgin Islands and other U.S. territories can apply for the first cycle of Health Insurance Premium Review Grants provided under this year's federal health care reform, U.S. Health and Human Services Secretary Kathleen Sebelius announced Wednesday.
According to V.I. Delegate Donna Christensen, the grants offer the territory a chance for $1 million to plan and put in place procedures to review and report insurance premium increases, hold insurers accountable for any unreasonable rate increases and protect consumers from unjustifiable premium increases so that they and their families can have access to reliable, quality health care.
“For far too long, insurance companies have hiked up insurance rates with little oversight, accountability or transparency,” said Christensen, thanking Sebelius for working with her to ensure the territories are included.
“As a direct result of this practice, thousands of Virgin Islanders were unable to afford health care coverage for themselves and their families," she said. "This grant will help put an end to that disastrous trend and will help the U.S. Virgin Islands ensure that health care consumers get the maximum value for their health care dollars.”
The Division of Banking and Insurance under the Lt. Governor’s office would have to apply for this funding, according to Christensen. Proposals for this grant are due Oct. 1 and for the first cycle, $1 million is available to each state and territory with a workable proposal.