Report: Blue Cross raised rates while piling up surpluses

A story on the New Mexico Independent says Blue Cross Blue Shield accumulated record surpluses while raising policyholder rates.

Reporter Bryant Furlow quotes the co-author of a new study saying Blue Cross' Parent Company, Health Care Service Corporation had very high surplus.

“HCSC’s $6.7 billion is the highest surplus I know of,” Sondra Roberto is quoted as saying. “It’s five times the amount regulators consider necessary for solvency protection.”

The story is worth a read, given Blue Cross' recent attempts to increase rates here.