Michigan insurance regulators have approved a 22 percent increase for group and individual Blue Cross Blue Shield health policies in the state, according to reports published Thursday.
“Blue Cross officials have said they need rate increases to help cover $133 million in financial losses in 2008 on its individual health insurance policies,” reported Crain’s Detroit Business.
Blue Cross originally sought to raise individual rates by 56 percent and group rates by 41 percent. Its proposed rate increases were initially rejected by the state’s Office of Financial and Insurance Regulation, which negotiated the still-significant hikes.
The new rates, set to take effect October 1, will affect 163,000 policies.
Blue Cross is also awaiting a September 14 hearing on its proposed 33 percent rate hike for senior citizens, according to Detroit Free Press. ...
No comments:
Post a Comment