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Blue Cross Blue Shield of Michigan Releases Letter Sent to Congressmen John Dingell and Sander Levin
Date:8/21/2009

ves is not just a regulatory requirement; it is our responsibility to ensure we are adequately capitalized to protect our members in the event of a major catastrophe.

Within our individual products portfolio, we offer benefit plans that vary widely in accordance with customer demands regarding coverage and price, just as any other business markets its products. At renewal, Michigan law requires policies be renewed as written.

Our actual medical loss ratio on individual products in 2008 was 127 percent. That means we paid out $1.27 in claims for every $1 we collect in premiums. Compare that to commercial insurers operating in Michigan, and you'll find a much lower loss ratio, likely between 50 percent and 60 percent. Michigan does not regulate, except for Blue Cross, a minimum loss ratio, whereas many other states have adopted loss ratios between 65 percent and 80 percent for their individual markets.

The best way to minimize future rate increases is for Congress to enact meaningful, consistent reform that applies to all insurers. Without reform at the federal or state level, BCBSM will continue to find itself in the difficult position of needing to file for significant rate increases. It is our sincere hope that reform will work to level the playing field in this area so rate increases will moderate over time, something not possible without reform. Who is affected by rate increases depends on the product lines for which we seek increases. While we cannot predict the future, it is safe to say nearly all individual members in our book of business will continue to be affected by rate increases, which will be higher without reform.

On the question of compensation, we were asked for the same information by Congressman Henry Waxman, chair of the Energy and Commerce Committee, and we will provide you with this information when we respond to him. But please note that executive compensation is also
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SOURCE Blue Cross Blue Shield of Michigan
Copyright©2009 PR Newswire.
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