Looks like yet another carrier has surged ahead as the latest public punching bag. Problem is that once again, the mainstream media hasn't let the facts get in the way of a good lynching.
Not that the hypocrites on Capitol Hill are about to be outdone, since they've decided to call WellPoint execs to Capitol Hill to testify before Rep. Henry Waxman's version of the McCarthy hearings. But instead of Commie Reds, they're hoping to root out the Anthem Blues. You know the kind: those evil, money-grubbing, heartless insurance carriers who (gasp) try to make a buck.
I'm sure you know the story by now – back in November, the Indianapolis-based carrier filed a rate increase proposal for its California Anthem subsidiary. The worst-case scenario pointed to premium jumps as high as 39 percent. After mulling it over for three months, the media went nuts. And, of course, those Pavlovian politicians followed suit.
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Now while the headlines – and talking heads – scream "40 percent premium hike," the reality is that there's a bit more to the story. For starters, less than a quarter of the company's 800,000 individual policyholders would be affected. The actual average jump – while still high – would hover around 25 percent, while some policyholders would see rate decreases.
I'm not here to make excuses here for anyone. And I've never been a cheerleader for the carriers (just ask my friends over at AIG), but let's at least be fair.
By the way, anybody else think it's ironic that as we all raise our CEO effigies in protest of these "criminal" rate hikes, public support for health care reform continues to tumble?
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