The Portland Press Herald writes that about 100 people showed up to protest a proposed rate hike by Anthem Blue Cross and Blue Shield of Maine to increase its premiums for its HealthChoice and Lumenos products by about 23%.
Things could be worse. In California, Anthem Blue Cross wants to raise rates 39% for its 700,000 policy holders.
During the recent Health Care debate, one of the chief arguments of those against the bill was that it would increase health insurance rates. But I heard on CBS news last night that insurance rates are skyrocketing all across the country.
I’d like to work for an insurance company. Even better, I’d like to own one. After all, it appears that if we pass health care reform, rates will go up. If we do nothing, rates will also go up.
If you’re part of the insurance industry, can you say win-win?
The dirty little secret about Anthem and other insurance companies is that they get "rebates" (or kickbacks in more realistic terminology) from drug manufacturers like Pfizer and Johnson & Johnson. These rebates cover a huge portion of their supposed "costs" and they are not required by law to report them as income.
Posted by: Jeff | March 15, 2010 at 09:03 AM