It Must Be BONUS-TIME, At Blue-Cross/Blue-Shield

[Mr. Shaman]

"Michigan insurance regulators have approved a 22 percent increase for group and individual Blue Cross Blue Shield health policies in the state, according to reports published Thursday.

“Blue Cross officials have said they need rate increases to help cover $133 million in financial losses in 2008 on its individual health insurance policies,” reported Crain’s Detroit Business.

Blue Cross originally sought to raise individual rates by 56 percent and group rates by 41 percent. Its proposed rate increases were initially rejected by the state’s Office of Financial and Insurance Regulation, which negotiated the still-significant hikes.

The new rates, set to take effect October 1, will affect 163,000 policies.

The news comes just one day after Health Care Service Corporation — which runs Blue Cross Blue Shield — announced it would cut 650 jobs from offices in Texas, Oklahoma, Illinois and New Mexico in anticipation of the government’s new health care reforms."

Riiiiiiiiiiiiiiiiiiiiiiiiiight.....these cuts had NOTHIN'-to-do with THEIR 2008 LOSSES!!!​

 

[GenSeneca]

You should confer with the rest of the lunatic left from Obama on down... They are all out there saying that these health insurance providers are swimming in money and its because of their mega-profits that health insurance is so expensive.

Despite the leftist stories that conflict with one another, they all follow the template sent out by the party elite; Demonize Insurance companies.

 

[Mr. Shaman]

You should confer with the rest of the lunatic left from Obama on down... They are all out there saying that these health insurance providers are swimming in money and its because of their mega-profits that health insurance is so expensive.

Gee....you finally heard-about-that, huh?​

"In his first extended television interview since leaving the health insurance industry, Wendell Potter tells Bill Moyers why he left his successful career as the head of Public Relations for CIGNA, one of the nation's largest insurers, and decided to speak out against the industry."

BILL MOYERS: So, the more of my premium that goes to my health claims, pays for my medical coverage, the less money the company makes.

WENDELL POTTER: That's right. Exactly right.

BILL MOYERS: So they want to reverse that. They don't want my premium to go for my health care, right?

WENDELL POTTER: Exactly right. They--

BILL MOYERS: Where does it go?

WENDELL POTTER: Well, a big chunk of it goes into shareholders' pockets. It's returned to them as part of the investment to them. It goes into the exorbitant salaries that a lot of the executives make. It goes into paying sales, marketing, and underwriting expenses. So a lot of it goes to pay those kinds of administrative functions. Overhead.

Well, keep in mind, what they want to do is enhance their profits. Enhance shareholder value. That's number one. And the way that the business that they're in is health care, certainly. But their primary motivation is to reward their shareholders.

Most of the shareholders are large, institutional investors and hedge fundshttp://www.pbs.org/moyers/journal/07312009/transcript1.html. Hedge fund managers are the ones who look at the stock and investors for large organizations. It's not mom and pop investor."

 

[GenSeneca]

It goes into the exorbitant salaries that a lot of the executives make.
Health insurance profits total 0.6% of what is spent in the industry and CEO pay, those "exorbitant salaries", account for 0.005% of what Americans spend on their insurance.

If you want to see some real "Crooks and Liars", look no further than the Democrat party.

 

[Mr. Shaman]

It goes into the exorbitant salaries that a lot of the executives make.
Health insurance profits total 0.6% of what is spent in the industry and CEO pay, those "exorbitant salaries", account for 0.005% of what Americans spend on their insurance.

That's what Porky Limbaugh says, huh?

​