No protection here. Blue Shield has reported that, while United may be reeling and the other carriers feeling less than sanguine about their chances for success, they have made $107 million in “excess profits” It was further reported that Blue Shield of California accounted for nearly 30% of the excess profits nationally from all exchanges. A Blue Shield spokesperson said “when pricing for 2014, like other insurers, we were doing it in the dark. We happened to get a healthier population. That was purely by chance” Uh, huh. So why are they increasing rates again in 2016? Must be purely by chance.
Health care costs are on the rise, the exchange isn’t saving…but, wait, what of Blue Shield?
January 8, 2016