Blue Shield of California has filed with state regulators, seeking increases in premiums averaging 12% and as high as 20%. Blue Shield, however, is sitting on a record $3.9 billion surplus and is a not-for-profit company.
Tell Blue Shield to use its record surplus to hold down premiums.
Why is this important?
As a Blue Shield of California individual policy subscriber, I am concerned that the proposed rate hike will be an unnecessary hardship for the subscribers who need coverage most.
As a not-for-profit company sitting on a $3.9 billion surplus, Blue Shield should use some of this surplus to hold down premiums. Their reserves are far above what they are required to maintain for paying future claims.
