The Blue Shield of California says that it is going ahead with its rate hikes for the individual policyholders and that it will not be interrupted despite what the government has been trying to do in order to delay their move which they insist is completely necessary.
The insurance company which is based out of San Francisco claims that it has requested that an independent actuary review the rate increases and is willing to issue as many refunds as necessary if there becomes any problems with the new rates.
Dave Jones who is the Insurance Commissioner of California requested that Blue Shield delay the rate increases which are set to go into effect March 1st so that the department could conduct a thorough review of the plans.
Blue Shield has initiated several rate hikes since early October and some policyholders are set to pay almost sixty percent more in their premiums over the course of three different rate increases, something which is causing quite a bit of controversy.
Bruce Bodaken who is the CEO of Blue Shield said that the increase in rates is necessary because of the rising costs of healthcare overall and that the company needs to take care of its bottom line which is to make as much profit as possible.