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Regence BlueShield seeks insurance rate increase
OLYMPIA, Wash. — Just over a week after the state insurance commissioner said that Regence BlueShield was sitting on record surpluses, the insurance company is asking the state to approve rate increases on people who buy insurance for themselves.
Regence BlueShield said Wednesday that the average increase would be around 14.7 percent, though it would vary for customers depending on their plans and other factors. Company officials say they are predicting a loss of $4.5 million this year.
If approved by Insurance Commissioner Mike Kreidler, the increase would be effective from Oct. 1 to Dec. 31, 2013.
Last week, Kreidler announced that Regence BlueShield and Premera Blue Cross each had surpluses of more than $1 billion, more than what the companies are required to set aside in reserves.