Mar 23, 2009
With thousands of people being laid off, losing health insurance from their employers and forced to buy individual insurance on the open market, Blue Cross Blue Shield of Michigan is increasing deductibles and cutting benefits for all new customers buying individual health insurance.
This is nothing but Blue Cross taking advantage of an opportunity to jack up its profits.
It’s through methods like these that Blue Cross Blue Shield of Michigan has managed to increase the money in its reserves by nearly 130% in six years – from 1.3 billion dollars in 2001 to nearly 3 billion dollars in 2007. Blue Cross tries to pretend it has less in its reserves today, but who would believe any claim made by a company that schemes to squeeze blood out of the unemployed?