Navigation Links
Facing Large and Uncontrollable Financial Losses on Individual Policies, Blue Cross Blue Shield of Michigan Will Cut Up to 1000 Jobs in 2009, Reduce Spending and Seek Rate Increases on Individual Plans
Date:1/16/2009

o cover future losses. Projected losses are based on actuarial assumptions and assume that BCBSM receives some rate increases in 2009.

Individual losses are affecting BCBSM reserves, measured by Risk Based Capital, which have declined 25 percent over the past three years.

"State law requires our individual products to be financially sustainable, but we will lose hundreds of millions on them this year," said Andrew Hetzel, BCBSM vice president for corporate communications. "Absent regulatory reform, we must turn to the rate setting process for relief and we must get new pricing soon."

- Preserving Product Subsidies and BCBSM's Nonprofit Mission -

Despite BCBSM's intention to raise rates on Group Conversion and Medicare Supplemental plans, these products will continue to be heavily subsidized to keep them more affordable for consumers. Medicare Supplemental will receive a projected subsidy between $110-$120 million in 2009 - bringing the total subsidy to nearly $1.2 billion since 2000. Group Conversion will receive a projected subsidy between $25-$30 million in 2009. These subsidies keep the monthly premiums in these products lower than they otherwise would be.

"Subsidies applied to our products for seniors and people losing their jobs keep coverage more affordable for those in need," Hetzel said. "Our financial stability allows us to continue to serve as Michigan's insurance safety net. But Blue Cross must do well financially to do good things for the people of Michigan."

- Cost Saving Measures -

In addition to the workforce reduction of between 400 and 1000 employees, the company's cost-saving measures for 2009 include:

    -- A salary reduction for senior executives
    -- A freeze on executive pay for the second time in the past three years
    -- A reduction in the number of executives employed at the company
    -- A free
'/>"/>
SOURCE Blue Cross Blue Shield of Michigan
Copyright©2009 PR Newswire.
All rights reserved

Page: 1 2 3

Related medicine news :

1. Facing Deadly Ice Storms, Home Medical Equipment Providers in New England Mobilize to Protect Oxygen Patients
2. Young Gymnasts Facing Broad Range of New Injuries
3. Vivisimo Helps OnMedica Deliver Personalized Search and Extend Social Search to Public-Facing Health Portal
4. Great California Workplace Award Goes to Company Facing Lawsuits, Possible Federal Complaint
5. New Study Finds CO2 Ablative Fractional Resurfacing Safe And Effective For Deep Acne Scarring
6. Hip resurfacing is not for everyone
7. Alzheimers Strikes Every 71 Seconds! Carefree Senior Living Press Releases New Book: What the Heck Do We Do Now? Families Facing Alzheimers
8. Perth Leadership Institute Issues Alert on the Post-Crash Environment Facing HR/Leadership Development
9. New York City Skin Care Leader Juva Offering Latest Skin Resurfacing Innovation
10. Arthrosurface HemiCAP(R) Focal Knee Resurfacing Implant Receives FDA Approval to Move into Final Investigational Stage
11. Carlyle-ManorCare Facing New Federal Charges for Breaking the Law: Interrogating, Threatening, Retaliating Against Nursing Home Workers for Trying to Form a Union
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/17/2014)... CA (PRWEB) September 17, 2014 Altec ... workflow solutions, announced today their Gold Sponsorship of the ... CONNECT 2014. The annual conference will take place in ... 21 – 23 and is organized and hosted by ... a non-profit organization comprised of members from more than ...
(Date:9/17/2014)... 17, 2014 Tina Griffin, a Senior Sales ... her chemotherapy but not her fight against cancer. Though weakened ... Florida Suncoast “Race for the Cure” on Saturday, Oct. 11, ... Komen Race for the Cure because I wanted to make ... , As part of her efforts, she is asking those ...
(Date:9/17/2014)... September 17, 2014 Kristen Yarker, MSc, RD ... parents of children 9 months to 2 years old who ... furthermore, prevent picky eaters from developing by encouraging healthy eating ... (9 months to 2 years): How to Transition From Baby ... Is Getting the Nutrition They Need)” is a new online ...
(Date:9/17/2014)... Angeldress.co.uk is a popular online supplier; it offers ... clients. According to Leo, the company’s marketing specialist, its ... retail store. Moreover, it is a market leader in ... new range of amazing wedding dresses and launched a ... offered at greatly discounted prices, from 20% off to ...
(Date:9/17/2014)... September 17, 2014 There’s something ... giving girls of all ages an all-natural option ... founded by women, for women, announces the launch ... (http://GirlU.com) to relieve the symptoms commonly associated ... irritability. , As a lifelong health enthusiast ...
Breaking Medicine News(10 mins):Health News:Altec Joins the 2014 Epicor Prophet 21 World Wide User Group Conference as a Gold Sponsor 2Health News:Altec Joins the 2014 Epicor Prophet 21 World Wide User Group Conference as a Gold Sponsor 3Health News:Tina Griffin’s Fight Against Cancer Didn’t Stop With her Chemotherapy—Her Next Step Is to Run in the Suncoast ‘Race for the Cure’ Oct. 11 2Health News:Nutritionist Kristen Yarker Offers Parents a Fresh Approach to Prevent Picky Eaters in New Online Seminar 2Health News:Nutritionist Kristen Yarker Offers Parents a Fresh Approach to Prevent Picky Eaters in New Online Seminar 3Health News:Angeldress.co.uk Is Planning To Open Its First Retail Store And Offering Big Savings On Amazing Wedding Dresses 2Health News:Girl Uninterrupted® Debuts New Look for All-Natural, PMS-Relief Supplement, Launching Today 2Health News:Girl Uninterrupted® Debuts New Look for All-Natural, PMS-Relief Supplement, Launching Today 3Health News:Girl Uninterrupted® Debuts New Look for All-Natural, PMS-Relief Supplement, Launching Today 4
... Those with highest amount had almost half the risk of ... News) -- Men with naturally high levels of the antioxidant ... Parkinson,s disease slower than those with lower levels do, a ... issue of the Archives of Neurology , support early ...
... the graying of Americas Baby Boomer generation, arthritis ... the elderly, this common joint disease currently afflicts ... United States. To aggravate matters, arthritis is also ... of our nations adult population. Fortunately, treating the ...
... ATLANTAApril 14, 2008 The American Cancer Society, the largest ... States, has awarded 133 national research and training grants totaling ... cycles for 2008. Of the grants, 118 are new and ... go into effect July 1, 2008. , We are once ...
... of,Health and Human Services today announced the selection ... the Biomedical Advanced Research,Development Authority (BARDA), which was ... Assistant Secretary for Preparedness and Response., "Robin ... HHS Assistant,Secretary for Preparedness and Response RADM Craig ...
... exercise outside organized teams has drops as adolescence approaches, ... A record number of American girls are participating in ... sports are decreasing, especially as they go from childhood ... from the University of Minnesota Tucker Center for Research ...
... Nurses in Attack and Stalking at Homes, OAKLAND, ... brutal,attack on a labor conference in Michigan Saturday night ... Nurses,Association/National Nurses Organizing Committee Monday called on SEIU,President Andrew ... targeting,women, nurses, and working people for threats and harassment.", ...
Cached Medicine News:Health News:Elevated Urate Levels May Slow Parkinson's in Men 2Health News:Study shows increase of hip and knee replacements in the US 2Health News:Study shows increase of hip and knee replacements in the US 3Health News:American Cancer Society awards research grants to 133 investigators at 84 institutions nationwide 2Health News:American Cancer Society awards research grants to 133 investigators at 84 institutions nationwide 3Health News:American Cancer Society awards research grants to 133 investigators at 84 institutions nationwide 4Health News:HHS Names First Director of the Biomedical Advanced Research Development Authority 2Health News:Girls Participating in Sports in Record Numbers 2Health News:RNs Call on Service Employees Union (SEIU) President Stern to Renounce Violence Following Brutal Attack on Labor Event 2Health News:RNs Call on Service Employees Union (SEIU) President Stern to Renounce Violence Following Brutal Attack on Labor Event 3
(Date:9/16/2014)... Hologic, Inc. (NASDAQ: HOLX ... del Tomcat, un nuovo strumento preanalitico marcato CE ... automatizzata, progettata per semplificare la fase preanalitica ed ... errore legati alla gestione manuale dei campioni. ... riduce il carico di lavoro legato al trasferimento ...
(Date:9/16/2014)... 3SBio Inc., ("3SBio") a leading biotechnology ... focusing on researching, developing, manufacturing and marketing biopharmaceutical ... an exclusive license agreement with JenKem Technology Co., ... in Mainland China of PEG-irinotecan, a long-acting polymer-drug ... over-expressed in many solid tumors, including colorectal, ovarian, ...
(Date:9/16/2014)... Astellas announced today it has appointed ... Advocacy, Urology in the Americas. Noland will report directly ... Long. In this role, Noland will be responsible for ... advocacy organizations, as well as collaborating with the ... appointment is the latest phase in the building ...
Breaking Medicine Technology:Hologic annuncia il lancio dello strumento preanalitico Tomcat in Europa 2Hologic annuncia il lancio dello strumento preanalitico Tomcat in Europa 33SBio Inc. obtains exclusive licenses to develop and market JenKem's PEG-Irinotecan in China 23SBio Inc. obtains exclusive licenses to develop and market JenKem's PEG-Irinotecan in China 33SBio Inc. obtains exclusive licenses to develop and market JenKem's PEG-Irinotecan in China 43SBio Inc. obtains exclusive licenses to develop and market JenKem's PEG-Irinotecan in China 5Christy Noland to Lead Urology Advocacy and Communications for Astellas 2
... Oct. 14, 2011 Reata Pharmaceuticals, Inc. announced Friday ... the company,s lead program, bardoxolone methyl, and to continue ... are the following executives: Paul Audhya, ... Officer; Hilary Malone, Ph.D., as Vice President ...
... YAMHILL COUNTY, Ore., Oct. 14, 2011 Yamhill County today ... the high cost of prescription medications. Through a partnership with ... Card program provides area residents with a card that offers ... of prescription medications. The card can be ...
Cached Medicine Technology:Reata Pharmaceuticals Adds Executives to Management Team and Board of Directors 2Reata Pharmaceuticals Adds Executives to Management Team and Board of Directors 3Yamhill County Introduces Prescription Discount Card to Help Alleviate High Costs 2
... reference laboratory and a worldwide leader in ... an extensive test menu of highly complex ... anatomic pathology. Owned by the University of ... half of the nation's university teaching hospitals ...
... is a national reference laboratory and a ... development. ARUP offers an extensive test menu ... in clinical and anatomic pathology. Owned by ... include more than half of the nation's ...
... ARUP Laboratories is a national reference laboratory ... research and development. ARUP offers an extensive ... medical tests in clinical and anatomic pathology. ... Laboratories' clients include more than half of ...
... ARUP Laboratories is a national reference ... laboratory research and development. ARUP offers an ... unique medical tests in clinical and anatomic ... ARUP Laboratories' clients include more than half ...
Medicine Products: