Blue Shield cancels insurance rate increase

The healthcare premium increase, averaging 6.5% and going as high as 18%, would have been the third in recent months by the insurer, which had faced pressure from state officials and consumers.

Blue Shield of California's decision to cancel a big rate hike for nearly 200,000 people followed mounting pressure from the public and political leaders. But an unforeseen factor may have made the retreat easier for the company to accept: It's paying out less for medical claims than it had anticipated.

Source: http://feeds.latimes.com/~r/latimes/news/~3/sUhpIoD-xdA/la-fi-blue-shield-20110317,0,909184.story

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