Anthem Blue Cross: 'We try to do the right thing'

[marmar]

:puke:


from the San Francisco Chronicle:



Anthem's defense gets no sympathy in Assembly
Victoria Colliver, Chronicle Staff Writer

Wednesday, February 24, 2010

--------------------------------------------------------------------------------

(02-24) 04:00 PST Sacramento - --

Anthem Blue Cross executives sat in the hot seat for more than two hours Tuesday as they tried to explain to California lawmakers why the company is seeking to raise rates for individual policyholders by as much as 39 percent in a harsh economic climate.

In exchanges with members of the Assembly Health Committee that were at times tense, Anthem's president, Leslie Margolin, and James Oatman, head of the consumer division of Anthem's parent company, WellPoint Inc., took turns defending the decision to hike premiums for as many as 800,000 customers who purchased coverage independently.

The increases were set to take effect Monday, but Anthem delayed them until May 1 after coming under fire from state and federal lawmakers.

The criticism continued Tuesday with committee members threatening the insurer with rate regulation similar to that on home and auto coverage as a way to rein in premiums. State regulators do not have the authority to review and approve health insurance rates.

"Do we have to pass legislation to make you do the right thing?" asked Assemblyman Hector De La Torre, D-South Gate (Los Angeles County).

"I think we do the right thing, and we try to do the right thing every day," Margolin responded. ..........(more)

The complete piece is at: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/02/24/MNU51C661S.DTL&tsp=1

[raccoon]

1. Liars. nt

[Blue Owl]

2. try harder, fuckers

n/t

[Mz Pip]

3. The right thing

is a matter of perpective. I'm sure the top dogs at Anthem who are making huge salaries off the profits thing ablsolutely positively that they are doing the right thing.

The rest of us, not so much.

[CaliforniaPeggy]

4. Oh, yeah, RIGHT.

Maybe it's the right thing...for themselves.

Fuck them.

[Statistical]

5. Notice he didn't say "we do the right thing" only they "try" (until greed gets int the way)

Like Yoda said "Do or do not, there is no try".

[kenny blankenship]

6. But our thirst for yr bright red intoxicatingly sweet hot & pumping arterial blood gets in the way

[NightWatcher]

7. they DO the right thing.... for their bottom line, shareholders, et al.

that's what corporations do so stop acting surprised

[laughingliberal]

8. They do try to do the right thing. Their fiduciary responsibility is to their shareholders

Interestingly, we find, in their statements, the precise reason a bill with a mandate and little competition is being pushed right now:

<snip> Anthem has argued that it is losing money on individual coverage and has put the blame for the hikes on the large numbers of healthy people dropping coverage because of the poor economy, creating a smaller pool of sicker people. <snip>

<snip> Oatman, the WellPoint executive, said he expected about 250,000 California members to drop the company's individual policies this year, about half resulting from the rate increases and the rest for other reasons, such as obtaining coverage through a job.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/02/24/MNU51C661S.DTL&tsp=1#ixzz0gTKmphXn

This is precisely the reason for the push for HCR reform. The insurance companies are hemorrhaging customers and reaching the point where the increases will no longer sustain their profits. They are hoping to have the mandate passed before the public and the shareholders figure it out.

[old guy]

9. The answer to Mr. De La Torre's question is a resounding

YES!! That is exactly what it will take.

[Epiphany4z]

10. ahhh ahhh

bullshittttchoooo!!

[crazylikafox]

11. "...for our shareholders..." n/t

[zbdent]

12. didn't that rate increase come shortly after

the SCrOTUS ruled that corporations had freedom of speech and personhood?