Individual insurance rate hikes like those recently planned for WellPoint Inc.’s California customers might be unlikely to
spread to those covered through their employers. But such hikes will affect a huge number of Americans — the 46 million
with no insurance at all.
The planned rate increase, which state officials estimated would affect about 700,000 customers, averaged 25 percent and would have been as high as 39 percent for some.
Health insurer WellPoint is blaming the Great Recession and rising medical costs for its planned 39 percent rate increase
for some California customers of its Anthem Blue Cross plan. But Health and Human Services Secretary Kathleen Sebelius isn’t
buying the explanation proffered in a letter delivered to her Thursday.
The Indianapolis-based health insurer says a shift in demographics and rising medical costs have led to its planned 39 percent
rate hike for some California customers.
Anthem has declined to say how many of its 800,000 individual policyholders in California are being affected by the hike.
But Health and Human Services Secretary Kathleen Sebelius demanded specifics in a sternly worded letter.
WellPoint Inc. chief financial officer Wayne DeVeydt said President Obama’s Federal Trade Commission is unlikely to approve
mergers among the biggest insurers.
WellPoint and other health insurers were profitable in 2009, but the lingering unemployment problem is dampening the outlook
for this year.
Indianapolis-based trucking fleet insurer benefits from investment gains after large losses the previous year.
Larry Glasscock will step down March 1 as WellPoint CEO Angela Braly takes over leadership of the company’s board. She replaced
Glasscock as CEO on June 1, 2007.
Larry Glasscock will retire as chairman of WellPoint Inc.’s board, the Indianapolis-based health insurer said early Wednesday.
Company CEO Angela Braly will assume the position March 1.
Analysts say losses of employer-sponsored insurance customers due to layoffs is finally slowing down.
The Indianapolis-based health insurer earned $6.09 per share in 2009, excluding extraordinary items; it expects a $6-per-share
profit in 2010.
Kevin Stewart stole a computer server that contained the names and confidential information of 900,000 people.
The long-term outlook for health care reform is uncertain, but many analysts are expecting big health insurers like Indianapolis-based
WellPoint to benefit in 2010.
RealMed enjoys a nearly 99-percent renewal rate among its current customers and attracted 4,000 new doctors
in 2009. Employment at the company is rising after a steady decline.
The bill imposes hefty new taxes and coverage rules that will pinch insurers such as WellPoint Inc. by forcing them to cover
more sick people without gaining enough healthy, lower-cost customers, industry insiders say.
The Senate has passed President Barack Obama’s landmark health care overhaul in a climactic Christmas Eve vote, extending
medical insurance to 30 million Americans. But the Senate’s bill still must be merged with legislation passed by the House,
and there are significant differences.
A small Michigan insurer has rejected an acquisition bid from The Steak n Shake Co., describing the offer as a “hostile takeover
attempt.”
The Carmel-based life and health insurer immediately applied $161 million of the funds to its bank loans.
The Steak n Shake Co. is taking a dramatic turn away from its core business with a bid to purchase a Michigan insurer in a
deal valued at almost $37 million.
