Blue Cross Blue Shield | BCBS plans kept significant reserves while increasing premiums.
NATIONAL – According to USA Today (7/22, Young) reports, “Non-profit Blue Cross and Blue Shield health plans stockpiled billions of dollars during the past decade, yet continued to hit consumers with double-digit premium increases, Consumers Union found in an analysis of 10 of the plans’ finances.”
Although “insurers must keep surplus money to ensure they can pay policyholders’ medical bills if unexpected market conditions develop,” the group found that “seven of the plans examined held more than three times the amount regulators consider the minimum needed to do that.”
Therefore, Consumers Union is urging “state insurance regulators to scrutinize surpluses when considering rate increases and set maximum limits for surpluses.”
Leave a Reply