Maine (Senator Snowe's Home State) Sued By Health Insurer For Denying 18% Rate Hike

[TomCADem]

This is what I call Chutzpah. Olympia Snowe and Susan Collins are the two Republicans who might actually vote in suport of HCR, though they oppose a public option, and one of Maine's largest insurers sues the state for denying a bid to increase health care premiums by 18%. The question is whether Senators Collins and Snowe side with the insurers against their own constituents. Then again, they are Republicans.

http://www.forbes.com/feeds/ap/2009/10/07/business-financials-financial-impact-us-anthem-appeal-maine_6977377.html

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Demonstrators on Wednesday backed Maine's insurance superintendent for rejecting a request from the state's largest private health insurer seeking an 18 percent rate hike for its individual insurance plans.

Mila Koffman last spring denied Anthem ( ATH - news - people ) Blue Cross and Blue Shield's proposed rate increase as being excessive. She approved a revised request for a 10.9 percent increase, which provided for a zero percent profit margin.

In response, Anthem filed a complaint in Kennebec County Superior Court in August appealing the denial of the higher rate increase. Anthem said a regulatory decision allowing for no profit was unprecedented, inadequate and fundamentally unfair.

An estimated 100 demonstrators gathered outside the Augusta courthouse on Wednesday to protest Anthem's appeal. Organizers said Anthem is in sound financial health, earning annual profits in Maine of $55 million to $100 million from 2004 to 2008.

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[RKP5637]

1. When better "Greed is Invented," America will do it! Brought to you by the RNC!

[TomCADem]

4. Exactly, How Can We Expect A Health Insurer To Survive On Only $100 Million In Profits

Maybe Anthem will need to start holding bake sales to cover medical costs. At least then, perhaps they can share the experience of many of their insureds.

[CanonRay]

2. They need the rate hike because of what it cost to buy Olympia!

[eShirl]

3. What was the amount?