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 Mexican reports 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.