Sen. Feinstein Lashes Out at Anthem Blue Cross Over Premium Rises
As a response to the rapidly growing outrage over plans by Anthem Blue Cross, a WellPoint division, to increase the health insurance rates drastically for thousands of California residents, on Friday, Sen. Dianne Feinstein put forward a proposal to award extra authority to the Federal Government to block any such premium hikes which seem to be "unjustified".
All set to be a part of a legislation to be introduced next week, Sen. Feinstein's plan has come in the middle of growing controversy over Anthem's recent announcement that it would be increasing premiums by up-to 39% for as many as 800,000 California residents, effective May 2010, who choose to buy insurance from the firm in the individual market.
"This is unconscionable", Sen. Feinstein stressed.
When asked to explain the reason for such a drastic rate increase, WellPoint Executives stressed that the firm lost money in the individual market over the past year, mainly in California because of unusually high medical claims, an explanation trashed by experts after it was revealed that WellPoint was one of the five major insurance houses to have pocketed huge earnings for the year.
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