Blue Cross Blue Shield of Michigan, Michigan Attorney General and Michigan Office of Financial and Insurance Regulation Near Agreement on Rate Increases on Under Age 65 Individua...(ess healthy individuals rejected by othe...),Health

Date:8/6/2009

ess healthy individuals rejected by other health insurance companies. This BCBSM pool of individuals will continue to experience higher-than-average rate increases if the regulatory system isn't fixed to institute the basic insurance mechanism of spreading risk among all insurers to keep costs affordable.

"Because of financial losses and the prospect of a lengthy rate-setting process, we determined new rates were needed sooner rather than later," said Andrew Hetzel, BCBSM vice president for corporate communications. "We sympathize with our individual members - particularly those who live on fixed incomes or who have lost jobs. Blue Cross wants to continue providing affordable coverage. But we need a regulatory system that works."

The best potential relief for Michigan consumers is for the Legislature to complete nearly 22 months of work on modernization of the state's 30-year old individual health insurance system, Blue Cross said. Proposals have been reintroduced in the House and Senate after competing versions failed to be reconciled in conference committee in 2008, and there is a possibility of an agreement on reform this year.

"Even with our new rates, Blue Cross continues to predict losses on individual products. This only means more hardship down the road for our subscribers," Hetzel said. "We need a health insurance system in Michigan that protects people by requiring all insurance companies to cover people regardless of their health condition. We need the Legislature to come together in a bipartisan way and create a fair and balanced insurance market that protects people and keeps health care coverage as reasonably priced as possible, especially for those who need it most."

Blue Cross Blue Shield of Michigan is nonprofit and an independent licensee of the Blue Cross and Blue Shield Association.

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SOURCE Blue Cross Blue Shield of Michigan Copyright©2009 PR Newswire. All rights reserved

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