Raising our premiums was not something we wanted to do,” Angela F. Braly, president of WellPoint (parent company of Blue Cross Blue Shield), said. “But we believe this was the most prudent choice, given the rising cost of care and the problems caused by many younger and healthier policyholders dropping or reducing their coverage during tough economic times. By law, premiums must be reasonable in relationship to benefits provided, which means they need to reflect the known and anticipated costs they will cover.”
I love the way the frame it as if they’re just barely staying afloat. I’m guessing they also didn’t “want” to make close to $4 billion last year on the backs of these higher premiums.