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California Approves Proposed Aetna Rate Hike

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CBS Los Angeles (con't)

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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Aetna had withdrawn a request for the same proposed hikes in June after an independent review discovered errors in the complicated calculations the company used to justify the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 This material may not be published, broadcast, rewritten or redistributed.)

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