Iowa Insurance Commission Susan Voss lowered one health rate increase that a carrier requested and let another proceed as filed.
Wellmark Blue Cross Blue Shield, a unit of Wellmark Inc., Des Moines, Iowa, applied in November 2010 for permission to apply a 10.8% base rate increase to 3 pools of policies.
Wellmark also applied for a 15% base rate increase for a “Blue Transition” group conversion policy.
The Iowa Insurance Division has looked at actuarial reviews, considered public comments, and decided to cut the 10.8% base increase to 8.5%, Voss writes in a letter announcing the Wellmark rate decisions.
The division will approve the 15% Blue Transition increase without changing it, Voss says.
An independent actuarial firm had suggested cutting the 10.8% increase for the 3 pools to 7.5%, Voss says.
“Given the overall financial strength of Wellmark and the concerns by the Division that underlying health care costs continue