Guest Post: Blue Shield Of California To Hike Insurance Rates Up To 20%

Tyler Durden's picture




 

Submitted by Mike Krieger of Liberty Blitzkrieg

Blue Shield Of California To Hike Insurance Rates Up To 20%

Good thing there is no inflation, you know, except in every single thing every single American needs to buy to survive that is!  The hits just keep coming for California, America’s very own Greece.  Remember the article I posted a couple of days ago titled: Payday Loans in California: School Districts Owe $1 Billion on $100 Million Borrowed.

Now we find out from the LA Times:

Health insurer Blue Shield of California wants to raise rates as much as 20% for some individual policyholders, prompting calls for the nonprofit to use some of its record-high reserve of $3.9 billion to hold down premiums.

In filings with state regulators, Blue Shield is seeking an average rate increase of 12% for more than 300,000 customers, effective in March, with a maximum increase of 20%.

 

That should be a real boon for California’s economy.  Meanwhile…

Some other states limit how much surplus can be held by nonprofit health plans. Other regulators press nonprofit insurers to return more money to consumers and the community overall since their stated mission is to serve the public good. Washington’s insurance commissioner has said the two big nonprofit Blue Cross and Blue Shield plans there hold enough surplus to allow a portion of it to be used to reduce rates.

Wait a minute.  This is a “non-profit?”  It is truly amazing that whenever I think this ghetto economy we have couldn’t be more screwed up, it immediately proves me wrong.

Full article here.

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Fri, 12/14/2012 - 11:29 | 3062693 tango
tango's picture

(1) If you got a hardon for Sharia, move to Saudia Arabia.   (But of course, they wouldn't allow any form of disagreement or protest.)

(2) All those praising Islam for its interest rules are clueless.  The idea that banks should not charge interest only rose recently since previously all loans were considered personal. Some form of interest has ALWAYS been charged - work contract, advantageous business deal, "gifts" to the lender or (the vast majority) plain interest via third party. (Many used Jewish merchants as fronts - intellectual hypocricy 101).  

I taught English to Muslims from Iran and Irag and they were amused at the idea of loans without interest.   They had a saying - "Only with family - never with family".

Thu, 12/13/2012 - 21:22 | 3061482 DaveyJones
DaveyJones's picture

My favorite law professor, then an old guy, took off his glasses, interrrupted his lecture, and said, if you remember one thing about insurance companies class remember this, they're not insurance companies, they're investment companies.

 

Thu, 12/13/2012 - 22:28 | 3061668 willwork4food
willwork4food's picture

Absolutely. How Congress could possibly allow  "Non-Profits" to exist such as these obvious money manager sharks, is totally beyond me.

Thu, 12/13/2012 - 22:52 | 3061738 blunderdog
blunderdog's picture

Insurance is like all kinds of crazy heavy regulated.  It was the minute they put on "Bankers Gone Wild" to do all the same stuff that things got strange.

Fri, 12/14/2012 - 10:42 | 3062510 Calculated_Risk
Calculated_Risk's picture

They're casinos making bets on your health.

Thu, 12/13/2012 - 21:53 | 3061550 DaveyJones
DaveyJones's picture

cause you're not paying for you, you're paying the amortized risk for (1) the fat people (2) the fat corporations (3) the smoking people (4) the smoking corporations (5) the dishonest people, (6) the dishonest government and (7) any other possible risk, cost or other factor which has no connection to your good judgment

Fri, 12/14/2012 - 01:38 | 3061963 Blizzard_Esq
Blizzard_Esq's picture

I have Blue Cross and live in California. Its going up 22.0% for me as well. Also, most surprisingly it has more than doubled in 3 years!!!

Fri, 12/14/2012 - 09:45 | 3062306 TruthHunter
TruthHunter's picture

"I have Blue Cross and live in California. Its going up 22.0% "

Can we all scream MEDI-BUBBLE!

Thu, 12/13/2012 - 20:36 | 3061337 Body of Lies
Body of Lies's picture

My carrier ... BS in Cali

Thu, 12/13/2012 - 20:44 | 3061361 1100-TACTICAL-12
1100-TACTICAL-12's picture

"All the leaves are brown & the sky is gray"

Thu, 12/13/2012 - 21:20 | 3061471 Yes_Questions
Yes_Questions's picture

 

 

 

damn, then this came to mind:

Hear the salvation army band 
Down by the riverside, it's bound to be a better ride 
Than what you've got planned 
Carry your cup in your hand

And look around, leaves are brown now 

And the sky is a hazy shade of winter  

Different band, but still..

and +1

 

Fri, 12/14/2012 - 00:30 | 3061914 Race Car Driver
Race Car Driver's picture

But I miss you most of all ... when autumn leaves start to fall

 

 

 

Thu, 12/13/2012 - 20:36 | 3061341 onewayticket2
onewayticket2's picture

+20% right on the heels of their self imposed tax increases, year after year.

at some point, you'd think california would wake up.

Thu, 12/13/2012 - 22:20 | 3061635 JR
JR's picture

Californians did wake up, in 1994, and passed Prop 187 – the Save Our State Initiative – that absolved California residents from financing the schooling and health care of illegal immigrants. It also stepped up labor law and border enforcement.

A single federal judge blocked its implementation.

President Bill Clinton (1993 to 2001) and VP Al Gore then rushed to the California/Mexico border and immediately began granting more than 1 million Mexicans citizenship as did Democrats such as Representative Sam Farr in  Monterey Country.

In 1998, President Clinton, in a now-famous address to students at Portland State University, remarked:

Today, largely because of immigration, there is no majority race in Hawaii or Houston or New York City. Within five years, there will be no majority race in our largest state, California. In a little more than 50 years, there will be no majority race in the United States. No other nation in history has gone through demographic change of this magnitude in so short a time ... [These immigrants] are energizing our culture and broadening our vision of the world. They are renewing our most basic values and reminding us all of what it truly means to be American.

Now, 18 years later, there no longer is a “59 percent” majority vote to pass a “Save Our State” initiative. Already the white population of California has fallen to 39.7 percent with the Mexican population gaining on its heels at 38.2 percent; California's color majority electorate was able to vote in a veto-proof,  two-thirds majority Third World/liberal legislature in November, bent on heavy tax increases.

Wrote The Atlantic in 2009:

The Election of Barack Obama is just the most startling manifestation of a larger trend: the gradual erosion of “whiteness” as the touchstone of what it means to be American. If the end of white America is a cultural and demographic inevitability, what will the new mainstream look like—and how will white Americans fit into it? What will it mean to be white when whiteness is no longer the norm? And will a post-white America be less racially divided—or more so? …

Whether you describe it as the dawning of a post-racial age or just the end of white America, we’re approaching a profound demographic tipping point. According to an August 2008 report by the U.S. Census Bureau, those groups currently categorized as racial minorities—blacks and Hispanics, East Asians and South Asians—will account for a majority of the U.S. population by the year 2042. Among Americans under the age of 18, this shift is projected to take place in 2023, which means that every child born in the United States from here on out will belong to the first post-white generation.

President Obama has continued the ongoing  replacement of white America with Third World immigration, filing suit in 2010 against Arizona to block her from trying to protect her border, calling SB1070 anti-immigrant and anti-civil rights law.

Thu, 12/13/2012 - 20:38 | 3061344 tooriskytoinvest
tooriskytoinvest's picture

55 Reasons Why California Is The Worst State In America And The Entire State Is Rapidly Becoming A Bright, Shining Example Of Everything That Is Wrong With America

http://investmentwatchblog.com/55-reasons-why-california-is-the-worst-state-in-america-and-the-entire-state-is-rapidly-becoming-a-bright-shining-example-of-everything-that-is-wrong-with-america/

Thu, 12/13/2012 - 21:02 | 3061418 Midas
Midas's picture

Does that make it 57th?

Thu, 12/13/2012 - 21:15 | 3061461 unrulian
unrulian's picture

ahh no that would be Canada

Thu, 12/13/2012 - 20:38 | 3061346 ball-and-chain
ball-and-chain's picture

When I was a kid, a family could afford insurance.

But now it's just getting ridiculous.

That's how socialism takes over.

Stuff starts getting way expensive, and slobs like me leave it to the government.

I can't swing the price.

That the truth.

So shoot me.

http://www.angrysinner.blogspot.kr/2012/12/yesterday-dragon-lady-cooked-barbecue.html

Thu, 12/13/2012 - 21:08 | 3061441 Bohm Squad
Bohm Squad's picture

Modern healthcare makes our kids stronger...just the other day I was thinking, when I was young, I couldnt' even carry $10 worth of groceries...but today's kids can carry $20 of groceries in one hand, no sweat! 

Thu, 12/13/2012 - 21:23 | 3061485 Yes_Questions
Yes_Questions's picture

 

 

I tell my workmates I have to get home to let the dog out, but, nah, its really for posts like this.

 

Thanks for the laugh!

 

 

Thu, 12/13/2012 - 21:13 | 3061453 sgorem
sgorem's picture

MY PLEASURE........

Thu, 12/13/2012 - 20:38 | 3061347 Fredo Corleone
Fredo Corleone's picture

California here I come
Right back where I started from
where bowers of flowers
bloom in the spring
each morning at dawning
birdies sing at everything
a sunkissed miss said, "Don't be late !"
that's why I can hardly wait
open up that golden gate
California, Here I come !

What would Jolson think today ?

Thu, 12/13/2012 - 20:38 | 3061348 Bunga Bunga
Bunga Bunga's picture

But but but they said the housing bottom is in.

Thu, 12/13/2012 - 20:40 | 3061351 EscapeKey
EscapeKey's picture

http://www.theonion.com/articles/aetna-inc-aet,27011/

Aetna Inc. (AET)

$35.50 (+$0.24) (+0.68%) Confidence in the company increased after laughing executives simply said, “Obamacare,” and raised premiums 20 percent.

Thu, 12/13/2012 - 20:40 | 3061352 Insideher Trading
Insideher Trading's picture

Blue shield has 3.9 billion set to the side. They don't HAVE to raise premiums.

I bet the Obama administration leaned on them to this to purposefully to make insurance unaffordable so as to make people NEED to rely on the government.

This is fascism, no, crony capitalism

Thu, 12/13/2012 - 20:57 | 3061404 surf0766
surf0766's picture

Statism,  leaving socialism for communism

Thu, 12/13/2012 - 21:17 | 3061466 sgorem
sgorem's picture

DIDN'T READ YOUR POST, GOT STUCK ON YOUR AVITAR, SORRY, OWE YOU A GREEN WEENIE SOMETIME IN THE FUTURE.

Thu, 12/13/2012 - 22:12 | 3061615 socalbeach
socalbeach's picture

You can change votes.

Thu, 12/13/2012 - 20:44 | 3061363 Chupacabra-322
Chupacabra-322's picture

John D. Rockefeller's Bastard Child -- Allopathic Medicine

 thought it was a well known story, but I find that the education of my youth is not much available any longer -- so well have the allopaths wiped out honest history.

Single-handedly John D. Rockefeller destroyed the prevailing medical model and created the new one -- allopathic medicine. The primary result of this activity was that his crude oil, worth perhaps a nickel per gallon, suddenly, turned into medical drugs, was worth millions of dollars per gallon. The initial changes in medicine seemed good, but the sinister and hidden purpose behind his millions of dollars of donations -- they are what we see today in the modern medical model -- based on drugs that don't cure, but increase the disease of mankind.

This page brings you the story about how John D. Rockefeller destroyed medicine. If you are old, like me, you have read this before. But, if you are a youngster, you may have never seen this before.

?http://www.chelationtherapyonline.com/anatomy/p80.htm

Thu, 12/13/2012 - 22:10 | 3061613 john39
john39's picture

all by design. now be a good sheeple and go special nwo flu shot full nwo goodness.

Thu, 12/13/2012 - 20:46 | 3061370 lemonobrien
lemonobrien's picture

i don't know how people are able to pay insurance premiums in California.

Thu, 12/13/2012 - 21:20 | 3061475 Bohm Squad
Bohm Squad's picture

Maybe if some out-of-state competition were allowed...oh wait...nevermind...forgot we were talking about insurance.

Thu, 12/13/2012 - 20:46 | 3061371 I am Jobe
I am Jobe's picture

At federal government agencies, survey finds sagging job satisfaction

http://www.washingtonpost.com/politics/best-and-worst-places-to-work-in-....

Fri, 12/14/2012 - 07:45 | 3062128 DosZap
DosZap's picture

At federal government agencies, survey finds sagging job satisfaction

http://www.washingtonpost.com/politics/best-and-worst-places-to-work-in-...

 

Poor,poor babies......................if they do not like the cushy pay, (even w/ the freeze),let em try WalMurt.

That $75k avg, and great bennies makes 47 million SNAP users SO SAD.

Thu, 12/13/2012 - 20:49 | 3061378 jomama
jomama's picture

i dropped them because those fucks always try to deny my claims and way they can, even though I paid for the best PPO they offered.

Thu, 12/13/2012 - 20:51 | 3061382 g3h
g3h's picture

Yeah. We are meat on the chopping board.

Thu, 12/13/2012 - 21:26 | 3061490 DaveyJones
DaveyJones's picture

that's what they do for a living.

Thu, 12/13/2012 - 23:22 | 3061795 blunderdog
blunderdog's picture

Get into insurance now, I'm sure.  There's going to be a brief period when the gummit gets savagely raped for all the best legal exploits.

If you're a big clumsy insurance loser that can't get out of your own way, watch out.

Fri, 12/14/2012 - 07:45 | 3062127 flattrader
flattrader's picture

Smart that you dropped them.

They are masters at denying claims and also deny the start of care and treatment to critically ill individuals and over-ride physicians orders.

For the Tea Pary idiots here that thought death panels were coming, they have been here for a long time at the Insurance Co. HQs.

 

Thu, 12/13/2012 - 20:51 | 3061379 g3h
g3h's picture

This shows some form of Obamacare is needed.

 

Insurance companies fuck with individuals first where they have no bargaining power.  I've been ripped off for years.

Thu, 12/13/2012 - 20:52 | 3061385 guinea
guinea's picture

You're an idiot.  

Thu, 12/13/2012 - 21:04 | 3061428 AllWorkedUp
AllWorkedUp's picture

Yep, and we wonder why this country is forked. The glaze over the eyes just gets thicker.

Thu, 12/13/2012 - 21:12 | 3061450 g3h
g3h's picture

Perhaps a happy one.

Thu, 12/13/2012 - 21:04 | 3061430 trillion_dollar...
trillion_dollar_deficit's picture

Youre a fucking moron. Rates are rising precisely because of Obamacare. The law MANDATES actuarial models pointless due to the fact that anyone can buy in at any time without question. Therefore reserves are being built-in since theres no accurate way to determine how much they will have to pay out in a given time frame. The law is designed to implode the insurance market so the only option left is for everyone to come running to the government for a madicare-like solution.

Let me guess, you probably also think this atrocity of a law will save the country money too. 

Thu, 12/13/2012 - 21:16 | 3061459 g3h
g3h's picture

The insurance companies have fucked with me long before Obamacare.  Sure Obamacare is bad.  But the insurance companies don't give a rat's ass about if I am healthy before any mandate.  In fact, I have not seen a doctor for years.  But my premium has been rising 15% per year.

I have no doubt Obamacare made things worse.  But the Republicans and the insurance companies had not done shit for these years except talking and making money.

We are going down no matter what.

Thu, 12/13/2012 - 21:43 | 3061506 DaveyJones
DaveyJones's picture

neither party is your friend. Just like Dick and his oil friends, Obama had lots of secret (exempt from public disclosure) meetings with insurance and drug, the two most powerful factors in corruption, cost increase, and competition kill. The administration knew these boys run the system(s) and knew they needed tham on board before they could win some token legislation. This token legislation, at least in the opinion of honest health experts has only made health care worse and more expensive. Like banking, Matt Taibbi has written some interesting things on the subject but so has a number of genuine folks.        

Thu, 12/13/2012 - 23:05 | 3061760 willwork4food
willwork4food's picture

+10. It is NOT because of Obama that rates are continuing to skyrocket; a simple check of historical medical cost charts will prove that. I'm going to put my dick on the ZH chopping block and say that there a A LOT of people that simply cannot afford the current rates , individual or family, even if they are young and in excellent health. God forbid if they have past medical issues.

 I don't blame g3h or others one bit for latching on to something that will save their family or their own asses. This is a well placed politcal gambit that insures allegience to the traitors in DC, even at the expence of the people's future.

 The bottom line: Lower health care costs= lower quality health care.

Thu, 12/13/2012 - 23:17 | 3061786 Yes_Questions
Yes_Questions's picture

 

 

+5.877"

You get to keep your dick.

 

 

Thu, 12/13/2012 - 23:36 | 3061802 willwork4food
willwork4food's picture

5.877".......about right, soft. Thanks.

Thu, 12/13/2012 - 23:47 | 3061855 Yes_Questions
Yes_Questions's picture

 

 

Dude, it's fight club,

10"..soft..

And your mom has a tatoo that reads SON

 

;-)

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