Blue Shield’s announcement to plan to cut heir health insurance rate about 10 % in the CA market is a welcome news to anyone who is looking for affordable health insurance in Santa Monica.
The rate reduction will be applied in the month of October, resulting in $ 167 million in savings for nearly 2 million consumers. This rate reduction will help to make health coverage more accessible.
Blue Shield announced than whenever its net income income exceeds 2 % of its revenue, they will return money to their customers in future years.
For this year Blue Shield customers will see their October bills cut by nearly a third. Individual policyholders will see an average savings of $ 80 that month, and a family of four will get an average of $ 250.- reduction. October premium for business customers will be reduced approx. $ 110- $ 130 per employee.
This smart move from Blue Shield counter balances the bad press Blue Shield received, when the salary information of Blue Shield CEO Mr. Bodaken ( $ 4.6 million) was published several weeks ago.
We welcome the reduction of any premium, as it will help more Californians to find affordable health insurance in Santa Monica and California.