Massachusetts health plans’ results in first quarter are just mediocre

Massachusetts' major health insurers have reported lackluster results for the first quarter of 2008. Blue Cross Blue Shield of Massachusetts, for example, cited high medical costs related to the flu for its losses. Its HMO Blue health plan lost $41.7 million on medical operations, partly offset by investment income of $25 million. The company's other health plans lost $3.4 million on operations and earned $21.4 million from investments.