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Wednesday, February 10, 2010

Mind the Gaps - Because you might just fall through

That is exactly what is playing out right now in California, where Anthem Blue Cross recently announced that on March 1, many of its 800,000 policyholders could see a rate increase of up to 39 percent. What's more, Anthem also declared that it may adjust rates more frequently than once-a-year, making it impossible for families to anticipate and plan for such increases.

For many Californians, including two individuals profiled by the LA Times, this is devastating news. Keith Knueven, a graphic designer in California, is about to see his health insurance rates climb by 37%, from $297 per month to $393. Mark Weiss, a podiatrist, and his wife will see their annual policy rise from $20,184 to $27,336 -- a 35% increase. And if that weren't enough, as these Americans are facing dramatic rate increases, Anthem's parent company WellPoint reported $2,740,000,000 in profits during the last quarter of 2009.

-Kathleen Sibelius at the WH blog