Tag Archives: blue shield CA

It’s Official, Hell Has Frozen Over

hell

Are you feeling a little chilly right now? Look around–do you see icebergs?  Are baby harp seals collecting around your feet?  If not, they should be, because Hell has clearly frozen over:  a major U.S. health insurer has decided to give a bunch of money back to its beneficiaries as a result of “excess profits.”

No seriously, I swear it’s true.  Blue Shield of California, one of my State’s largest health insurers covering over 3 million people, has just announced that it will return $295 million in “excess profits” to its policy holders, resulting in a more than 50% credit on the December 2011 health premium bill for all insured policy holders and about 18% for others.  This is, by the way, in addition to a $180 million dollar rebate Blue Shield of CA gave to their policyholders last month to make up for “excess profits” in 2010.  See an article about this HERE.

This is a pretty stunning development, as people generally think that health insurance companies would refund profits only immediately after the Simpson’s Montgomery Burns gives Homer a juicy raise.  In other words, not gonna happen. 

(read the rest)

Posted in Healthcare, Healthcare Policy, Healthcare Reform, Uncategorized | Tagged , , , , , | 1 Comment