Health insurer Blue Shield of California plans to cut premiums by 2.5 percent for many policyholders this year, according to an LA Times report.
The insurance company, which insures 3.3 million people or 10 percent of the California market, said the reduction would apply to bills starting in Oct. 2011. The insurer expects the cuts will result in $167 million in savings for nearly 2 million consumers.
According to the report, the rate cuts may come as a result of increased regulatory scrutiny. Following pressure from consumers and California's insurance commissioner, the payor canceled the last of three rate increases in seven months for individual policyholders in March.
Read the LA Times report on Blue Shield of California.
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The insurance company, which insures 3.3 million people or 10 percent of the California market, said the reduction would apply to bills starting in Oct. 2011. The insurer expects the cuts will result in $167 million in savings for nearly 2 million consumers.
According to the report, the rate cuts may come as a result of increased regulatory scrutiny. Following pressure from consumers and California's insurance commissioner, the payor canceled the last of three rate increases in seven months for individual policyholders in March.
Read the LA Times report on Blue Shield of California.
Related Articles on Coding, Billing and Collections:
How to Determine When to Go In-Network vs. Out-of-Network
Medicaid to Stop Paying for Provider Preventable Events in July
Health Insurer WellPoint to Purchase CareMore