The other week news broke that two of the largest “nonprofit” health insurers in Washington (Premera Blue Cross and Regence BlueShield) each have amassed excess surpluses of over $1 billion each.
It gets worse. Last Wednesday, Regence BlueShield said they want to increase average premiums by nearly 15 percent on customers who buy individual policies for themselves and their families!
Enough is enough. Don’t you think it’s about time for the insurance industry to stop profit hoarding and start doing their part to make quality coverage more affordable for Washingtonians?
State Insurance Commissioner Mike Kreidler has a solution. He’s pushing legislation to give the Insurance Commissioner the authority to take into account the size of insurers’ surpluses when considering whether to approve or deny premium rate hikes from insurance companies.
Of course you can expect the insurance industry lobby to come out swinging and do everything in their power to block this common sense legislation. That’s why we’re gathering supporters now.
It’s common sense. When a company is sitting on a surplus of over $1 billion – why do they need to raise their rates?