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For a couple of days, not long ago, the media was all abuzz about the skyrocketing cost of health insurance premiums. Now that they've gone back to covering Jennifer Aniston, it would seem that the crisis is over... only it's not. Health insurance premiums will continue to rise, and will continue to outstrip your ability to pay them (unless you get annual 39% raises).
The bill Obama wants to pass will require that health insurers submit proposed rate increases to a state or federal authority for approval.
The bill doesn't say they can't raise rates -- just that the increases must be approved, by the state. We already regulate rates charged by utilities, and banks face regulations on how much interest they can charge and how much cash they have to keep on hand, and require minimum markups on consumer goods. Why not regulate how much your health insurer can raise your premium in a single year?