Aw, gee, isn't this thoughtful?
Anthem Blue Cross has agreed to a Feb. 8 request by California Insurance Commissioner Steve Poizner to delay its individual health insurance rate increase until May 1 to allow an independent actuary to review their rates, the California Department of Insurance has reported.
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Anthem wanted to implement the increases on March 1 and blamed the weak economy and rising health care costs for its rate hike. However, the Commissioner asked the company to delay its rate increase to allow for an actuary to review the rates, all while Anthem also faced public scrutiny for its decision to raise rates.
Last year, the company increased its rates by as much as 68 percent, but Brian A. Sassi, president and CEO of Anthem's Consumer Business Unit, insists that another rate increase is necessary because rising health care costs are taking a bite out of Anthem's profits.
WellPoint (NYSE: WLP) the parent of Anthem Blue Cross and Blue Shield, reported 2009 net income of $4.7 billion, or $9.88 per share, compared to $2.5 billion, or $4.76 per share, in 2008.
But Sassi assures the 800,000 Californians covered by Anthem's health insurance have no need to worry because Anthem's new policy will be compliant with existing laws.
Reason 1,234,567 why existing laws need to change.