RSS FeedNo big rate hike for Anthem policyholders The Associated Press
LOS ANGELES — Insurance giant Anthem Blue Cross drew public outrage and criticism by President Barack Obama as a poster child for out-of-control health care costs when it proposed raising rates for Californians by as much as 39 percent.
On Thursday, Los Angeles-based Anthem withdrew plans for the increase.
Anthem made the decision after an independent audit determined the company's justification for raising premiums was based on flawed data, state Insurance Commissioner Steve Poizner said.
The decision also came one day after Anthem's parent, Wellpoint, Inc. of Indianapolis, announced its first-quarter profit soared by 51 percent.
Anthem said separately it will file a new application for a rate increase with the California Department of Insurance and the Department of Managed Health Care, perhaps as early as next month. It added that any errors in its original application were inadvertent.
"The current application that was withdrawn today (Thursday) was just flawed," Poizner said during a conference call with reporters. He added that it contained mathematical errors and in some instances double counting of data.
Life Insurance No Exam Coverage - Pros and Cons
Reader’s Question:
A life insurance agent here in Fort Lauderdale, Florida is selling me life insurance coverage without the need to get a medical exam. Is this recommended?
Elkin
Fort Lauderdale, FL
It’s good that you asked. Life insurance no exam coverage is one of those things that will either work for you or against you. Not everyone will benefit from buying this type of life insurance so it pays to review and understand very well whatever kind of life insurance is being offered to you.
Life Insurance No Exam: Advantages
No Exam life insurance is good for people who get repeatedly rejected coverage due to a poor state of health. This is also beneficial to people who may participate in hazardous/dangerous lifestyles or activities. No exam life insurance policies are also processed much quicker to process and can therefore reduce the time needed to get the policy enforced.
Disadvantage of No Exam Life Insurance
Compared to the average life insurance rates, no exam coverage are more expensive. This is because by skipping the medical test, you are automatically placed on a higher risk-category. The insurer has no idea about your state of health and other factors that can help them approximate your lifespan.
The Verdict
If there really is no reason for you to skip the medical exam, it is highly-recommended that you take it. There’s no reason to pay more rates unnecessarily if you can prove that you qualify for better rates by passing the medical test. However, if you have a medical condition preventing you from getting life insurance, a life insurance no exam policy is your best option.
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