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Blue Cross and Blue Shield to issue refunds, raise rates

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RALEIGH, NC (AP) -- North Carolina's largest health insurer says it will refund $155 million to more than 215,000 individual policyholders as a result of the Affordable Care Act that took effect earlier this year.

Blue Cross and Blue Shield of North Carolina chief executive Brad Wilson said in a news release Monday that individual policyholders will get back the equivalent of one and half months of premiums paid. The average refund will be about $700 and should be paid before the end of the year.

The company also said the state Insurance Department approved a 5.3 percent rate increase for some individual policies, less than the 7 percent Blue Cross had requested.

Blue Cross insures 3.7 million people in North Carolina. About 300,000 customers buy their own health insurance.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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My husband & I were both

My husband & I were both insured in California from 2004 and until we moved here in Texas from 2006 to 2008, then switched to another health insurance. Do you think we are entitled to receive refunds for both California & Texas ?

NC BCBS Refunds for Groups?

Why would the NC BCBS insurance company not also refund group reates? Our coverage has gone up just like the rest and we have less coverage than before with much higher premimums. Why would this also not apply to us?

Thanks

The refund comes from "life

The refund comes from "life reserves," which is money that was set aside from premiums paid for individual policies. Because of health care reform changes, it turns out that too much money has been set aside for life reserves, so some of it is being refunded. There are no "life reserves" for group policies, so there is nothing to refund.

Blue Cross/Blue shield

I am hoping that with the refund it will include the blue cross supplement that Senior's have to pay. If it continues to rise I will not be able to pay those premiums. I am on Medicare.
thank you,
MFerry

Forgot one thing...

Sorry...the refund does not apply to Med-Supp contracts.

Provided you qualify...

have you considered changing from BCBS to another Med-Supp provider such as Mutual of Omaha?

I guarantee you that IF you can qualify medically, Mutual of Omaha will save you a ton of money over what you're currently paying BCBS.

Without knowing which plan you have, I can tell you that Plan F for example, provides exactly the same benefit with BCBS as any other provider now that the plans have been standardized many years ago.