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October 29, 2007

Final arguments heard in Anthem rate case

Final written arguments on a proposed hike in insurance rates are due from Anthem Blue Cross and Blue Shield today. The company has asked for an average increase of 13.3% on health insurance premiums for its HealthChoice product, which covers 24,000 Mainers, according to Capitol News Service.

Hundreds of pages of evidence already have been filed in the case, and acting Insurance Superintendent Eric Cioppa last week heard oral arguments from Anthem representatives and members of the public. HealthChoice policy holders told the superintendent that the rate hike is unreasonable. "My health insurance premium, for catastrophic care, for a $10,000 deductible, will be equal to my mortgage payment," one policyholder said, according to the news service. "This is a little insane."

Nearly a third of Anthem's individual policyholders have annual deductibles of $15,000 or more a year. Anthem has asked for double-digit premium increases every year for four years, and has been granted slightly lower increases than it has requested, the news service reported. The company says the increase is based on increased cost of medical services, increased use of services and Maine insurance laws.

Cioppa has 30 days to decide whether and by how much to allow Anthem to increase rates.

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