« A Buck for Your Vote, Sir? | Main | The New Poor: "There are no bad jobs now. Any job is a good job." »

This story is getting a ton of play the past few days as a game changer in the Health Care debate in Congress:

Anthem Blue Cross has agreed to a Feb. 8 request by California Insurance Commissioner Steve Poizner to delay its individual health insurance rate increase until May 1 to allow an independent actuary to review their rates, the California Department of Insurance has reported.

Now you know that their strategy is just to delay until we, the citizens, are looking the other way when they just jack up their fees again. And how much are they trying to raise their fees?

In November 2009, the insurer submitted to the California Department of Insurance a proposed rate increase of as much as 39 percent for individual health insurance. Anthem wanted to implement the increases on March 1 and blamed the weak economy and rising health care costs for its rate hike. However, the Commissioner asked the company to delay its rate increase to allow for an actuary to review the rates, all while Anthem also faced public scrutiny for its decision to raise rates.

39%!!

And what's causing the need for this increase, considering that their parent company, Wellpoint, reported 2009 net income of $4.7 billion, or $9.88 per share, compared to $2.5 billion, or $4.76 per share, in 2008?

"Our decision to agree to postpone the rate adjustment does not change the underlying issue," Brian A. Sassi, president and CEO of the company's Consumer Business Unit, said. "All health plans are in the same situation in trying to deal with the steadily increasing medical costs in the delivery system, which are not sustainable. We are also experiencing a higher proportion of healthy individuals choosing not to enroll, leaving an insured pool that utilizes significantly more services."

Sure...and coming on the heals of this report detailing how the industry made $12 billion in profit in 2009, this increase is criminal.

And, like Kos says,

Sassi assures the 800,000 Californians covered by Anthem's health insurance have no need to worry because Anthem's new policy will be compliant with existing laws.

Reason 1,234,567 why existing laws need to change.

Amen on that!

Name (required)
Email
Website
Remember personal info? Yes   No
Comments

home | music | democracy | earth | money | projects | about | contact

Site design by Matthew Fries | © 2003-23 Consilience Productions. All Rights Reserved.
Consilience Productions, Inc. is a 501(c)(3) non-profit organization.
All contributions are fully tax deductible.