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02-15-2010 by Colleen King
Well, it’s been just over a week since the rate increase heard around the world hit and people are still going
Anthem Blue Cross, Woodland Hills, CAAnthem Blue Cross, Woodland Hills, CA
nuts. President Obama has expressed outrage. Kathleen Sebelius isn’t satisfied. California Department of Insurance Commissioner Steve Poizner allegedly said that people shouldn’t buy from Anthem Blue Cross (I say allegedly because another agent told me this, I didn’t see it myself in writing.) If that last one is true, personally, I feel it’s reckless for the Commissioner to make a statement like that unless he’s seen the documentation. But, he’s running for governor so it’s another chance to get in the media.
I really hope that all this screaming and chest beating gets us somewhere. Most people need relief from their health insurance premiums that’s for sure. Anthem’s defense is that despite ‘profits’ of $2.7 billion in Q4 2009, they lost money on their individual health insurance policy unit overall in 2009. They say they paid out more in claims than they took in. And that’s entirely possible, we’ll never know until the investigations are done. And I would LOVE to see the results of any audits. Think about it–they have to be able to justify what they are doing, because anyone can call rate changes into action at any time. There has to be some justification for what they are doing, and since 30-39% increases aren’t hitting everybody, you know there’s more to the story.
Don’t get me wrong. Just because I sell insurance doesn’t mean I agree with everything they do. BUT, having worked in a national level operations unit I know how stories get twisted. And you do too, just from your everyday consumption of the media. Remember if it bleeds, it leads. This time it’s just bleeding Anthem blue.
So while everyone is going nuts, what do YOU to help your situation. First, I will tell you to keep in mind, the more you want from a plan, the more it will cost. So next, tune in tomorrow and I’ll give you some suggestions to help cut your health insurance premiums. Not all of my suggestions work for everyone, but there may be one or two for you. Or at least it will help you understand better how this all works.