NEWS FLASH
Blue Shield of California To Rebate Customers $295 Million | Blue Shield of California announced today that it is giving back approximately $295 million to its customers as part of the insurer’s pledge to return money when its net income exceeds 2 percent of its revenue. Blue Shield is likely trying to get ahead of a provision in the Affordable Care Act that requires insurers to spend 80 to 85 percent of consumers’ premiums on medical care. Starting in 2012, if insurers fail to meet that requirement they will be required to provide customers a rebate. Blue Shield’s move will save the average individual $135.
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