Anthem Blue Cross’ parent called off a meeting with investors that was scheduled for next week to “review its 2010 financial outlook so that executives can prepare for a congressional hearing into its large rate hikes for individual policyholders in California,” states Duke Helfand from the Los Angeles Times. WellPoint Inc. Chief Executive Angela F. Braly has been called to testify next week about the future rate hikes of as much as 39%.
WellPoint has postponed the planned premium increases until May 1, “amid criticisms from consumers, state officials, members of Congress and the Obama administration,” reports Helfand. WellPoint blames the drastic increases on the rising medical costs, and said less than a quarter of individual policyholders would actually suffer from rate increases of 35% to 39%.
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According to the Los Angeles Times, on Thursday the parent of Anthem Blue Cross attempted to justify large premium increases for individual policies, however, “critics – including the Obama administration – voiced skepticism.” The Los Angeles Times reports, “In a letter to the administration, health insurance giant WellPoint Inc. of Indianapolis said that increases of as much as 39%, set to take effect March 1, reflect soaring medical costs and an exodus of healthy consumers from its ranks.”
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Anthem Blue Cross, California’s largest for-profit insurer, was asked by California insurance regulators to postpone problematic rate increases for individual policies. These rate increases, some as much as 39%, have “triggered widespread criticism from subscribers and brokers — and now from the federal government,” reports Duke Helfand from the Los Angeles Times. The Obama administration requested that Anthem justify these rate increases, and according to Helfand, Health and Human Services Secretary Kathleen Sebelius “voiced serious concern [in a letter to Anthem's president] over the higher premiums, which go into effect March 1 for many of the insurer’s estimated 800,000 individual policyholders.”
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