May 29th, 2012 at 2:25 pm by Hawa Konte under Community Affairs, News State Superintendent of Insurance John G. Franchini has approved a 6.9 percent rate increase for Blue Cross Blue Shield of New Mexico that will impact about 31,000 of the company?s policyholders in its open and closed blocks of business starting June 1.
Franchini previously denied BCBSNM?s request for a 9.9 percent rate increase, instead opting for the lower percentage which more closely matches current medical cost inflation.
In its filing, BCBSNM asked for higher rates to help cover the cost of supplying policies to individual plan members in rural parts of the state where medical costs are more expensive. According to the company, about 70 percent of its individual plan members live outside the Albuquerque metropolitan area.
?This was a very thorough rate review process that will have a beneficial outcome for thousands of people throughout the state who are in dire need of access to affordable healthcare,? Franchini said.
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