This is GREAT NEWS!!!
Insurance Commissioner Dave Jones today issued the following statement regarding Anthem Blue Cross’ decision to delay and reduce its most recently proposed health insurance rate increase:
“Today, I am pleased to announce good news for over 600,000 Californians who have individual or family plan health insurance from Anthem Blue Cross.
“As a result of the Department of Insurance review, Anthem Blue Cross is reducing its rate increase from 16.4 percent to 9.1 percent; delaying the effective date of the rate increase from April 1st to July 1st; and delaying increases in co-payments and deductibles proposed for April 1st to January 1, 2012. All told, this will save Anthem Blue Cross policyholders a total of at least $40 million. But this decision by Anthem Blue Cross to reduce its rate increase underscores the need to give the Insurance Commissioner the authority to reject excessive rate hikes, an authority that I do not have.
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