Regence explains rate hikes

Over 150 people came to an insurance rate review hearing to listen to Regence BlueCross BlueShield of Oregon defend its request to raise rates by 22%.

Over 150 people came to an insurance rate review hearing to listen to Regence BlueCross BlueShield of Oregon defend its request to raise rates by 22%.

It was the Oregon Insurance Division's first public hearing for a rate request in 20 years, but could lead to many more in the future as consumers increasingly want more of a say in whether their rates should rise.

Regence's request would affect 56,500 Oregon residents who do not get insurance through employers and buy from the company individually or for their families. 
The increases, however, would vary among individual customers according to their age and circumstances. Rates would rise less than 20 percent for about one-fourth of customers, 20-to-25 percent for half and 26-to-34 percent for another fourth. 
The company argues it needs the increase, scheduled to take effect Aug. 1, to cover rising medical and prescription costs and benefit changes related to the federal health care reform law passed last year.

Read more at OregonLive.com.

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Last modified onMonday, 19 October 2015 11:39

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