Wellpoint Sues Maine to Guarantee Their Profits

WellPoint in the news again. I mentioned last month that Henry Baucus’ health care bill was apparently actually written by someone named Liz Fowler, who is a former employee of WellPoint (original article on FiredogLake here).

From AlterNet.com:

By Robert Greenwald . Posted October 5, 2009.

Netting $2.5 billion in profits last year wasn’t enough for WellPoint, the nation’s largest insurance company.

Now, WellPoint’s affiliate, Anthem Blue Cross and Blue Shield, is suing the state of Maine for refusing to guarantee it a profit margin in the midst of a painful recession.

Anthem Health Plans of Maine, a subsidiary of WellPoint, is suing the state because they want to increase premium rates by 18.5% on their 12,000 individual insurance policy holders, so they can guarantee themselves a 3% profit margin. This story shows how silly it would be to solely rely on regulation to rein in insurance industry practices.

Brave New Films has put together a video exposing the practices of Anthem and its parent company WellPoint. You can send your friends in Maine the news about this lawsuit, to highlight this practice. Maine Superior Court will consider this case on Wednesday.


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