LOS ANGELES (CBS) — Blue Shield of California said Wednesday there would not be any additional rate hikes for the rest of 2011.
KNX 1070's Chris Sedens reports the not-for-profit health plan will not increase rates to any individual or family plan member for the remainder of the year.
Blue Shield says it lost $27 million on individual health insurance coverage last year.
"Our rate increase had gotten a lot of attention, and had distracted policymakers from the real issue, which is the underlying medical costs that are driving higher increases," said Tom Epstine, the company's VP of Public Affairs.
Blue Shield's health plan has 340,000 individual and family plan members in California.
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