In MI., Blue Cross raising individual, group rates 22 pct.

[Are_grits_groceries]

Insurer originally sought 56 percent rate hike, but regulators refused

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.
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According to an article carried by the Michigan State University Library, Michigan Attorney General Mike Cox took exception to the proposed increases, saying Blue Cross should cover its losses with its current $2.4 billion surplus.
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http://rawstory.com/08/news/2009/08/13/blue-cross-of-michigan-to-raise-individul-group-rates-by-22-percent/

Nah! We don't need no stinkin' health care reform.
Morans!

[JimWis]

1. That is precisely why we will eventually get health reform. It will

get to the point where no one will be able to afford and retain private health insurance. Their destroying of the economy will become much more obvious to all. A huge majority will be crying for reform. Thanks for sharing this info.

[Are_grits_groceries]

2. Here's more:

Revenue rose to $21.66 billion from $20.27 billion on increased premiums, which grew partly because of price increases. UnitedHealth is the largest commercial health insurer based on revenue.

http://whiskeyfire.typepad.com/whiskey_fire/