WASHINGTON, DC - Reacting to a new report showing that Rhode Islanders buying their own insurance could face rate increases of 13-16%, U.S. Senator Jack Reed (D-RI) today issued the following statement:

"Our health insurance system is broken and Rhode Islanders are paying a very high price that gets steeper every day.

"The latest double digit spike in health insurance rates will cause even more Rhode Islanders to forgo coverage. Unless Congress passes health insurance reform, rates will continue to rise and the number of people with insurance will continue to fall.

"There simply isn't enough competition in the health insurance market. Health insurance reform will increase competition and subject insurance companies to greater scrutiny when they try to raise rates."

Experts predict that as many as 150,000 Rhode Islanders lack insurance, up from 110,000 just two years ago.

Congress continues to work on the details of a comprehensive health reform proposal that can pass both the U.S. Senate and the House of representatives. President Obama is scheduled to host a bipartisan health insurance reform summit at the White House on February 25th to help forge consensus on moving the health reform debate forward.