The Affordable Care Act -- the new health care legislation signed by President Obama back in March -- is supposed to help trim costs, make the system more efficient and help save money for consumers and companies. One provision of the law, which takes place next year, says health insurers must spend eighty to eighty five percent of consumers' premiums on medical care, instead of things like CEO salaries, administrative costs and so on. However, what, exactly, constitutes "medical care"?
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Wellpoint Allowed to Hike Insurance Rates in California
Earlier this week, The California Department of Insurance announced that it wouldn't stand in the way of Wellpoint raising premiums for its customers. This from an article in The Sacramento Bee entitled, "California won't block individual health care rate hikes". This news paves the way for Anthem Blue Cross as well as their competitor, Blue Shield of California, raise rates around fourteen to eighteen percent on average for most customers.