Anthem Blue Cross withdraws request for rate hikes

ClarkUSA

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Fri Apr-30-10 11:42 AM
Original message

Anthem Blue Cross withdraws request for rate hikes

Edited on Fri Apr-30-10 11:44 AM by ClarkUSA

California health insurer Anthem Blue Cross canceled rate hikes of as much as 39% for thousands of California policyholders Thursday... Anthem's planned rate increase provoked intense criticism from consumers, regulators and elected leaders in Sacramento and Washington, including President Obama, after the company began notifying customers in January.

After news surfaced of the planned March 1 increases, Poizner ordered an investigation and WellPoint agreed to postpone them. Last week, the company said it would further delay them. Based in Woodland Hills, Anthem is the largest for-profit health insurer in California and a unit of WellPoint Inc., the nation's biggest health insurance company by membership... On Thursday, Sen. Dianne Feinstein, (D-Calif.), seized on the Anthem controversy to rally support for a bill she has introduced that would give the federal government new authority over insurance rates, traditionally the province of state regulators.

http://www.latimes.com/business/la-fi-0430-anthem-20100430,0,717365,full.story

Haha... they got caught using false methodology by state regulators. :D

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Beetwasher

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Fri Apr-30-10 11:46 AM
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1. But HCR Is Giant Load Of Crap With No Redeeming Value

Edited on Fri Apr-30-10 11:47 AM by Beetwasher

Because there are no cost controls...Or not.

Don't think for a second they would do this if it weren't for the fact they KNOW they are now going to be federally regualated, and that the regulators under Obama ARE going to be keeping an eye on things.

Granted, the new HCR legislation is not directly responsible for this, but it IS tangentially responsible, in that the Ins. Co's now know they can and probably WILL be subjected to MORE Federal oversight and they better start playing ball or they are going to get fucked up.

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Kdillard

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Fri Apr-30-10 11:46 AM
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2. Burn. k and r

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flpoljunkie

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Fri Apr-30-10 11:52 AM
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3. It's all about the short term profits of healthcare stocks sold on Wall Street.

It's no way to run a healthcare system--leaving it to insurers to pay claims when their profitability rests on not paying claims.

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quiet.american

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Fri Apr-30-10 12:02 PM
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4. K&R nt

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