CONTACT: Jay McQuaide
Agreement on premium rates ends uncertainty and confusion for customers
Boston—August 5, 2010—Blue Cross Blue Shield of Massachusetts (BCBSMA) has reached agreement with the Massachusetts Division of Insurance (DoI) on premium rates for small businesses and individuals purchasing or renewing their health insurance plans between April 1, 2010 and December 31, 2010. Under the agreement announced today:
BCBSMA President and CEO Bill Van Faasen said the agreement will end months of uncertainty and confusion for BCBSMA customers and provide a more stable marketplace. He said the company agreed to accept "less than adequate premium rates" in order to "help move the community beyond the distraction of arbitrary caps on premiums and toward more meaningful and sustainable solutions that will bring real and lasting rate relief to employers and individuals." Van Faasen added the focus of the community conversation about rising health care costs needs to be on addressing the high cost and use of medical care, the main driver of annual premium increases.
Blue Cross Blue Shield of Massachusetts (www.bluecrossma.com) was founded 73 years ago by a group of community-minded business leaders. Today, headquartered in Boston, BCBSMA provides coverage to nearly 3 million members, 2.5 million in Massachusetts. BCBSMA believes in rewarding doctors and hospitals for delivering safe and effective care, and in empowering patients to take more responsibility, become educated health care consumers, and become stronger partners with their doctors. Blue Cross Blue Shield of Massachusetts is an independent licensee of the Blue Cross Blue Shield Association.