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Blue Cross Blue Shield of Michigan Says Guaranteed Access Provisions of Insurance Reform Bills Protect Michigan Consumers Twice-Over
Date:1/30/2008

Michigan creating a similar system of shared responsibility.

"Creating the Guaranteed Access Plan, preserving Blue Cross's mission, putting reforms in place to protect consumers from rate hikes and providing refunds for people if the insurance commissioner finds they have been overcharged, combine to give Michigan consumers one of the most secure insurance systems in the nation," Hetzel said.

The legislation preserves Blue Cross's current nonprofit mission to cover everyone who applies and contribute to affordable health care in the state -- but enhances that role by making BCBSM responsible for administering the GAP and paying the lion's share of the cost:

-- BCBSM would pay all of the costs associated with the GAP for the first

two years.

-- After two years, BCBSM would continue to pay all the administrative

costs of the GAP in perpetuity. These costs typically total about 10

percent of the cost of claims.

-- After two years, BCBSM would pay out all of the premiums collected by

the GAP to cover GAP member claims, plus an additional 5 percent above

premiums collected. For GAP losses above 105 percent of premiums

collected, the state insurance commissioner would determine whether an

assessment of the insurance carriers in the individual market was

needed.

-- After two years, BCBSM would pay its share of any industry-wide

carrier assessment. The assessment would be applied to each insurer

based on their market share.

Blues Mission Preserved - Returning Multiples of Tax-Free Benefit to Michigan

In addition to creating the new Guaranteed Access Plan, the bills also preserve Blue Cross's role under Public Act 350 of 1980 to contribute to affordable, accessible health care for the people of Michigan. The Blues released a report today, based on an independent examination of the company's financial obligations
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SOURCE Blue Cross Blue Shield of Michigan
Copyright©2008 PR Newswire.
All rights reserved

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