Historic – NC Blue Cross announces $155 million rate refunds
More later, but this signals because of the recently-passed health care law a new aggressiveness on the part of NC Dept of Insurance Cmmsr Goodwin to review health insurance rates and a significant turnabout for NC Blue Cross to look toward its nonprofit obiligations. Not to mention a huge political boost for supporters of the health law – not only are rate increases moderating this year, but hundreds of thousands of North Carolinians are getting refunds. Details:
–Goes to individual policyholders in Blue Advantage and Blue Options (215,000 policies, over 300,000 people)
–Total is $155.8 million from reserves
–Refund will be about 1.5 months worth of premiums
–According to BCBS CEO Brad Wilson, results from the new health law and a resulting change in the reserves needed for these policies.