View Full Version : Economics Ouch: CA Blue Cross health insurance rates skyrocket 39%

T-post Tom
02-10-2010, 11:59 PM
Not good PR for a company that pays their 2 top CEOs $10M a piece...

Anthem Blue Cross, a for-profit insurer, on Tuesday was called for federal and state inquiry into the California health insurer's decision to increase rates for thousands of policy holders statewide by 39%.

A special hearing regarding the increase on Feb. 24 was scheduled by U. S. Rep. Henry Waxman, D-Los Angeles, chairman of the House Energy and Commerce Committee. As President Obama mentioned the premium climbs in his offer to pass national healthcare legislation an investigation has been initiated by Congress related to threatening rate increases in California.

President Obama told reporters in Washington on Tuesday, "If we don't act, this is just a preview of coming attractions. Premiums will continue to rise for folks with insurance; millions more will lose their coverage altogether; our deficits will continue to grow larger. And we have an obligation -- both parties -- to tackle this issue in a serious way".

Owned by Indianapolis-based WellPoint Inc., Anthem, a Woodland insurer is the state's largest for-profit insurer. Although it denied to expose the number of people affected it is known that the company has about 800,000 individual policyholders in California.

California Democratic Sens. Barbara Boxer and Dianne Feinstein are Urging to regulate the rates and promote the investigation. Boxer stated, "I can think of no better example of why we need health insurance reform". According to Feinstein, "Anthem's behavior a stark reminder of why health premiums should be regulated".

02-11-2010, 01:57 AM
Yeah, that's bullshit. All it does is force out the people that can least afford health care and need it the most.

02-11-2010, 07:39 AM
Would they be able to do that if there was more competition?

I don't think so.