Health insurance for individuals in South Carolina has become harder and harder to find at affordable rates in recent months.  The article “SC Fails on Goals for Health Insurance” by Renee Dudley on PostAndCourier.com discusses some of the reasons South Carolina residents are facing soaring health insurance rates.

Residents are concerned about the rising costs and wonder why it’s happening in their state.  Annual health insurance premiums in South Carolina have risen around 85% for individuals and 75% for families throughout the past ten years.  There are numerous factors contributing to this trend, and state regulators are partly to blame.  Lax regulation plays a big part in soaring health care costs.  Regulation is under scrutiny right now with health care reform upon us but the past ten years has caused some damage.

The Department of Insurance in South Carolina plays many roles including maintaining a balance between keeping rates fair and ensuring that insurers have the capital they need to pay out all legitimate claims.  It’s a tough balancing act and many critics say the department has failed in this area.  Department analysts assess whether or not annual premium increases are reasonable when compared to benefits offered.  They have the power to reject rate increases they feel are not justified.  This can be a very subjective topic and coming to a decision is never easy.  Unfortunately, the balance has not been met and rates are continuing to rise causing additional financial stress on South Carolina families.

Written by Sam Tabes

Follow me on Twitter: http://twitter.com/#!/smartshopper78