Affordable California Health Individual Insurance - Individual Health Insurance

California insurer backs away from 39% hike CNNMoney

30.04.10

That means insurance companies must allocate 80 cents out of every premium dollar to providing health care to their customers, while the remaining 20 cents can be used to pay other expenses, including salaries, overhead, and profits.

In a statement released Thursday, Anthem, a unit of WellPoint Inc ( WLP , Fortune 500 )., said the decision to withdraw its rate request was taken "to meet our current understanding of this requirement in advance of the effective date."

Anthem said it plans to refile rate increases sometime in May.

The insurer said it will provide "adequate notice" to members regarding how their rates may be impacted by the refiling. In the meantime, rates for Anthem's individual members in California remain unchanged.

Kathleen Sebelius, secretary of the U.S. Health and Human Services Department, said the announcement was "good news" for Californians who could have been hit with "massive rate increases."

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