California Approves Proposed Aetna Rate Hike

LOS ANGELES (AP) — Aetna, Inc. has gotten the green light to raise premiums, making it the last of California’s four major insurers to be cleared for rate hikes by state regulators.

The Department of Insurance approved the move Friday, allowing Aetna to raise rates an average of 19 percent for 65,000 policy holders, according to the Los Angeles Times.

Anthem Blue Cross, Blue Shield of California and Health Net Inc. were allowed to proceed with similar increases last month. The four companies control 90 percent of the state’s individual policies.

All the hikes take effect Oct. 1.

Aetna had withdrawn a request for the same proposed hikes in June after an independent review discovered errors in the complicated calculations the company used to justify the boost.

(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

One Comment

  1. Sean says:

    This is why California is the toilet bowl of America. Absolutely no purpose!! The economic downfall of America and CA in particular, is a loophole for the financial and health INSURANCE rackets to play on the plight of the real and true Americans who are in dire straights. CA is a state without both moral and ethical values compounded by the greed and patheticism nurtured by political fallacy. Question: Why is Aetna being allowed to raise rates? Realizing that Obama healthcare is about as useful as AIDS, the insurance industry is on the verge of finalizing our economic Disaster. The rate increase is nothing more than a “greed” play realizing Obamacare is already a failure. This is not about cost to aetna, it is about “fixing their books”. At some point, consumer vigilante groups are going to put this Price Fixing to a stop. CA is desperate, so why not take kickbacks from Aetna!!?? It is the politically correct thing to do according to CA values.. As usual..

  2. fritzwilliam says:

    ObamaCare is a failure, in Sean’s view, and so is the raising of health insurance rates. How, then, does he spell RELIEF? . . . just keep the status quo and for 50 million uninsured, just tell them to DIE QUICKLY?

  3. Alan Hart says:

    What’s that I hear? Oh, just another business leaving California because it’s just too expensive to do business here.

  4. michael says:

    my daughter was laid off her job about one month prior to being put into the company health plan. she has a preexisting condition (hernia surgery at age 5). thanks to the so called “Obamacare” she was able to be enrolled into her moms kaiser plan until the age of 27. she is currently 25 years old, healthy and covered and that is a blessing. thanks President Obama and the Democrats in congress.

    1. Ruth says:

      No you can thank all of us paying taxes for your daughters healthcare, oh and don’t forget to thank her grandchildren who will continue to pay for it.

      1. fritzwilliam says:

        Ruth doesn’t get it either. All health plans — whether it’s ObamaCare or call it what you will — are forms of INSURANCE! She doesn’t understand how insurance works. If it’s public insurance, people pay in taxes. If it’s private, people pay in premiums. But you are going to pay. HEALTHCARE is not FREE in this country — not FOR ANYONE! (That’s right, Ruth — not even you.)
        The fact that she resorts to cynicism and wants to be thanked for her role as a taxpayer is beyond ignorance, because she seems to think it will never be HER daughter, or HER grandchildren who will find themselves in a hospital some day (maybe after a car crash) and that maybe WE should ask for HER thank-you’s, huh? How about that?

  5. ginny says:

    Sean, well said. But Ca is not the only state where these companies are being allowed to raise the cost by such high %. Friends in MA have told me that Blue Cross is raising rates there by 39% this year. And that is the state that Obama and the Dem used for the base model for ObamaCare. And they also mandate that all residents must have insurance.

  6. MCky PoGi says:

    If you have something that individuals dislike to do, it can be to buy medical insurance. The truth is that when people imagine searching for health care insurance, the first thing that …Ubezpieczenia Anglia UK

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