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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 - 01:34 | Link to Comment malek
malek's picture

Looks like I'm lucky, will go up only 16% in February

Fri, 12/14/2012 - 02:32 | Link to Comment q99x2
q99x2's picture

What did you expect. Bros back in office.

Fri, 12/14/2012 - 04:14 | Link to Comment californiagirl
californiagirl's picture

A few years ago Healthnet raised my company's rates an average of 27% in one year, and they were still the cheapest of the available options. Our health insurance costs have doubled in 7 years despite reductions in benefits. In California small businesses subsidize the large businesses' insurance costs. The California Business Alliance has been attempting to get legislation passed that allows small businesses to form consortiums to purchase insurance similar to large businesses, who pay much less on average for the same benefits. Sometimes a bill makes it into committee but it is ultimately voted down, mainly because the few insurance companies that operate here line the campaign coffers.

Fri, 12/14/2012 - 14:09 | Link to Comment DaveyJones
DaveyJones's picture

it's almost as if...it's corrupt

Fri, 12/14/2012 - 04:24 | Link to Comment SmittyinLA
SmittyinLA's picture

it's not a state, it's an "ongoing criminal enterprise" run by the Mexican mafia . (No  seriously) Visualize the movie "Wise Guys" with Latinos instead of Italians and they run an entire state with a "greenlight" from the feds. Fabian Nunes is running Treasurer2014, he currently has a.$4.7Million warchest. If you don't know who he I have some bonds to sell you. www.BUYCALIFORNIABONDS.com

Seriously, I sell workers comp, I'm passing out 50%rate increases and the "bureau" wants another increase and this is preceeding any fiscal cliff or Obamacare tax increases . CA layoffs are gonna skyrocket.

Fri, 12/14/2012 - 05:34 | Link to Comment Catullus
Catullus's picture

Prompt month put options on your health increase by 21%.

You can buy the put every month for years, then the month you don't pay, you get nothing. It's might as well be the most expensive way to purchase health care.

Just don't buy it. Save your money and pay the fee tothe G. Or get the highest deductable and get an HSA and save money in there

Fri, 12/14/2012 - 07:17 | Link to Comment negative rates
negative rates's picture

That's what I do, at once every 30 years, I can afford to pay the fine when I check in. Now the car insurance co. owes me so much money, I might as well just take him to court. 

Fri, 12/14/2012 - 08:08 | Link to Comment MyBrothersKeeper
MyBrothersKeeper's picture

There IS no inflation!!!!!  - Ben Bernanke as Apollo Creed

 

Fri, 12/14/2012 - 08:12 | Link to Comment Translator
Translator's picture

That is just a complete lie, because Obama promised that everybodies insurance would go down $2500

Fri, 12/14/2012 - 08:56 | Link to Comment DosZap
DosZap's picture

That is just a complete lie, because Obama promised that everybodies insurance would go down $2500

YEPPERS, ours went up first phase of Obunna Care,$3500.00...........................last yr.

Fri, 12/14/2012 - 09:48 | Link to Comment Red Raspberry
Red Raspberry's picture

My insurance went down $125 a month this year.

Obamacare does not go into affect until 2014 right?  Sounds like you guys are getting the rip off.

Fri, 12/14/2012 - 09:53 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

red, your insurance co sent me this :: better a dead red then a live raspberry. no way ins went down, unless you quit your job and now are on the dole..or you droped your dopey family..the blue berry clan.

Fri, 12/14/2012 - 10:49 | Link to Comment Shizzmoney
Shizzmoney's picture

Here in MA, where we have RomneyCare (aka HeritageCare), we've seen rates go up year to year from 6%-19%, including at "non-profits" like Harvard Health Care (whose CEO ran for governor) and Blue Cross, Blue Shield MA (whose former CEO just resigned with a 12 million dollar severance).

While my premiums go up, hospitial bills going up, etc.

Nice to see the government helped insurers monopolize usury. 

Least they are getting bang for their buck.

Fri, 12/14/2012 - 14:03 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

With declining real wages, currency losing value, prices rising, a shitload of higher taxes starting in 2013, pus higher O'care insurance costs, staying in the middle class is getting more difficult. 

I bet O'care cost increases alone will knock 10% of middle class folks out of the middle class.

They're trying to destroy us. Wipe out the middle class.

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