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November 28, 2011 at 09:50 AM
Blue Shield of California is forging ahead with its strategy of trying to be so well-behaved the California Department of Insurance and other state regulators will leave it alone.
California Blue Shield, San Francisco — which is separate from Blue Cross of California — says it is in the process of making good on a pledge it made earlier this year to hold its net income to 2% of revenue.
The company will provide credits ranging from 18% to 54% of customers’ December bills to avoid letting net income rise over 2%, the company says.
The credit is based on the dues or premiums customers were paying in August, the company says.
California insurance regulators now have the legal authority to review proposed rate increases and object to what they believe to be unreasonable or poorly justified rate increases, but they do not have to reject big rate increases, as regulators in some other states do.
Consumer Watchdog, Santa Monica, Calif., is in the process of trying to get a referendum that could give state regulators the authority to control health insurance rates on the November 2012 general election ballot. The group says a recent referendum conference call attracted 1,500 participants.
THE MEDICARE PORTAL IS CLOSING
EHealth Inc., Mountain View, Calif. (Nasdaq:EHTH), reports that 19% of Medicare Advantage and Medicare Part D prescription drug plan enrollees over age 65 are not aware that the current Medicare open enrollment period is set to end Dec. 7 — a week from Wednesday.
