We don’t need no stinkin’ reform

From the Washington Post today:

Anthem Blue Cross withdraws big CA rate hike

The Associated Press  Friday, April 30, 2010; 2:17 AM

 LOS ANGELES — Insurance giant Anthem Blue Cross, the company criticized by President Barack Obama when it proposed raising rates for Californians by as much as 39 percent, withdrew plans for the proposed hike Thursday.

Los Angeles-based Anthem made the decision after an independent audit determined the company’s justification for raising premiums was based on flawed data, state Insurance Commissioner Steve Poizner said.

The decision also came one day after Anthem’s parent, Wellpoint, Inc. of Indianapolis, announced its first-quarter profit soared by 51 percent.

4 responses to “We don’t need no stinkin’ reform

  1. Hmm. I hope it was only becuz they reworked their rates to find that they didnt need to raise them as high.
    I dont think 1st quarter profits totaled by its parent company can be used as fodder for why its subs cannot raise rates. Each Business unit will undoubtedly have its own forecasts, budgets, mgmt and expectations.

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    • All true – but 39% and 51% increases are beyond the pale. A gajillion years ago, when I was young, this kind of thing simply couldn’t happen outside of discretionary goods or services. Health insurance is like a utility. You have to have it to live in this society.

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  2. no time these days, no time at all with our guests from Ireland staying on and on and on. However, just want to tell you how proud I am of you for saying it like it is.

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