Massachusetts insurance regulators have approved a number of rate increase proposals from some of the state’s largest health insurance companies. Governor Deval Patrick supports the approval, citing rising health care costs that threaten to make an already ill economy more volatile. Consumer advocacy groups have decried the rate increases, saying that they put undue financial stress on those struggling to make ends meet. Regulators, however, have only approved proposals whose increases were less than 9% in the hopes of lightening the impact of higher rates. Blue Cross Blue Shield has…
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Occupy Wall Street protestors target Blue Cross Blue Shield
As snow falls in New York City, the protestors of the Occupy Wall Street movement have set their sights on the health insurance industry. Last week, hundreds of protestors marched to the Empire Blue Cross Blue Shield offices, which are located close to Zuccotti Park, where the Occupy Wall Street movement has taken root. The march culminated at the St. Vincent’s Hospital in Greenwich Village, which had closed in April of this year due to crippling debt. Protestors are demanding the reopening of the hospital, which had accrued more than…
Read MoreMichigan is home to the nation’s fourth worst insurance market, according to report
A recently released report from the American Medical Association casts some doubt on the insurance market in Michigan. The report shows that the state has the fourth least-competitive health insurance market in the U.S. The findings are the result of rigorous studies done throughout the country to find how many companies are actually participating in the various markets. The lackluster status of Michigan’s market may be due to the fact that Blue Cross Blue Shield encompasses the majority of the market. According to the report, the large insurance corporation controls…
Read MoreBlue Cross Blue Shield of California to return millions of dollars to policyholders
Last year, California health insurer Blue Cross Blue Shield announced that it would be returning more than $160 million in surplus profits to its 2 million policyholders. Amidst accusations of profiteering, the company has announced another wave of refunds that will total $283 million, which will begin being sent out in December of this year. Most of the rebates will come in the form of credit on insurance bills. The company notes that December’s refund will likely cut policyholder’s bills by at least half. Individual policyholders can expect to see…
Read MoreLowest health insurance competition found to be in Alabama
According to a recent report from the Kaiser Family Foundation, the least competitive market for health insurance in the United States is in Alabama. The Kaiser Family Foundation is a nonprofit health policy organization and released the report which showed that 86 percent of the policies in the individual market in Alabama were sold by Blue Cross Blue Shield. In the small group market in that state, that insurer sold 96 percent of the policies. Though the report did indicate that individual insurers hold the majority of the insurance markets…
Read MoreIBM supercomputer to recommend action on thousands of insurance claims for WellPoint Inc
IBM’s famed supercomputer, Watson, is taking on a new challenge, the results of which may have a sweeping impact on the nation’s insurance industry. The supercomputer has successfully overcome several challenges in the past, including a “Jeopardy!” competition in which the computer won a decisive victory against some of the brightest minds in trivia knowledge. Watson has shown that its computing power surpasses the capabilities of a human mind and, because it is a machine, is not prone to typical human error. For this reason, the computer is now being…
Read MoreMassachusetts health insurer posts earnings, shows marked increase in profits and narrowing of losses
Despite a tumultuous year, Blue Cross Blue Shield of Massachusetts is reporting high earnings in the second quarter. Thus far, 2011 has proven to be relentless in the number of natural disasters occurring throughout the U.S. While speculations regarding the losses faced by insurance companies have been somewhat grave, the fact of the matter is that many insurers are earning more than they did before the disasters. There can be no doubt that these insurers, most of whom operate in the property market, have, indeed, suffered losses, but their ability…
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