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Health Insurance Rate Hike to Take Effect

A proposed raise to monthly premiums for Blue Cross Blue Shield policyholders in New Mexico has become official. The Santa Fe New Mexicanreports State Insurance Superintendent John Franchini approved the 6.9% increase Tuesday, which will take effect Friday.

State officials say the change affects more than 30,000 people who are not part of group plans or employer-based programs and have purchased individual health care policies. This is the second increase by Blue Cross Blue Shield in three years. The company said during a hearing in April the hike was needed to cover claims that led the company to lose $7.2 million in the individual market in 2011.

Blue Cross Blue Shield is the only major carrier that sells policies to people all across the state, including rural areas.