Consumer group: Insurers kept surplus while hiking premiums
Non-profit Blue Cross and Blue Shield health plans stockpiled billions of dollars during the past decade, yet continued to hit consumers with double-digit premium increases, Consumers Union found in an analysis of 10 of the plans' finances.
Insurers must keep surplus money to ensure they can pay policyholders' medical bills if unexpected market conditions develop. Yet seven of the plans examined held more than three times the amount regulators consider the minimum needed to do that, according to a report being released today by the non-profit consumer group.
"Consumers are struggling to afford health coverage," said report author Sondra Roberto. "Those funds could be used in some cases to mitigate these rate increases."
- As Medicare Advantage Cuts Loom, Disagreement Over Program's Stability
- Doctors Feel Pressure to Accept Risk-based Reimbursement
- Surgical Checklists Unused in 10% of Hospitals, CMS Data Shows
- Centralizing the Revenue Cycle Protects the Bottom Line
- A Fresh Look at End-of-Life Care
- 3 in 4 Patients Want E-mail Consultations
- Heart Attack Patient Costs Skyrocket Beyond 30 Days
- ACGME Chief Sees 'Huge' Risk of Error in Proposed Assistant Physician Licensure
- CA Fines 8 Hospitals for Medical Errors
- 3 Insider Tips on Cutting Costs without Strangling Growth