California Insurance Commissioner announced rate hike filings from 14% to 19%.
California Insurance Commissioner Steve Poizner announced rate hike filings from 14% to 19% from Aetna, Anthem Blue Cross, and Blue Shield. “Blue Shield and Anthem Blue Cross and Aetna's filings will be analyzed by our actuaries with a fine tooth comb. This process, which has already caused two rate filings to be withdrawn due to the discovery of significant math errors, will protect consumers by ensuring that insurers spend 70% of premiums on medical benefits, as required by state law.” The Commissioner revealed the following:
• Blue Shield filed for an average 18% rate hike for its 240,000 policyholders earlier this year.
• Anthem Blue Cross filed for an average 14% rate hike, affecting 700,000 policyholders. Anthem Blue Cross had previously filed for an average 25% rate hike before pulling the filing in April due to math errors uncovered by a Department of Insurance review.
• Aetna filed for a 19% rate hike affecting 65,000 ratepayers. Aetna had previously filed for an average 19% rate hike before withdrawing its filing due to mathematical errors found in its rate filing.
To view the rate filings, visit http://www.insurance.ca.gov/0250-insurers/IndHlthRateFilings.
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