During a state Senate Insurance Committee hearing, Blue Cross Blue Shield of Michigan officials told the state it wants the review process for its rate increases to be 30 or 60 days instead of the current process that could take up to a year, according to a Detroit News report.
BCBS of Michigan must file a rate review at least 120 days before a proposed effective date, and it must give its consumers at least 60 days to request a hearing on rate hikes, according to the report. BCBS of Michigan's most recent rate reviews, however, have taken 10.5 months to one year.
Commercial health insurers in Michigan must go through a 30-day review process with the state's insurance commissioner, and HMOs must go through a 60-day review. Officials for BCBS of Michigan said rate review processes should be uniform across the state.
BCBS of Michigan's request comes as the state is evaluating the non-profit insurer's 31-year-old legal and regulatory requirements. Legislators have floated the idea of privatizing BCBS of Michigan.
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BCBS of Michigan must file a rate review at least 120 days before a proposed effective date, and it must give its consumers at least 60 days to request a hearing on rate hikes, according to the report. BCBS of Michigan's most recent rate reviews, however, have taken 10.5 months to one year.
Commercial health insurers in Michigan must go through a 30-day review process with the state's insurance commissioner, and HMOs must go through a 60-day review. Officials for BCBS of Michigan said rate review processes should be uniform across the state.
BCBS of Michigan's request comes as the state is evaluating the non-profit insurer's 31-year-old legal and regulatory requirements. Legislators have floated the idea of privatizing BCBS of Michigan.
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