Superintendent of New Mexico's Insurance Division John Franchini has denied Blue Cross Blue Shield of New Mexico's proposed 9.9 percent rate increase that would have affected roughly 27,000 policyholders, according to a New Mexican report.
Mr. Franchini denied this rate request because it did not "support the medical trend," according to the report.
The rate increase would have impacted policyholders who are in "closed block" plans that don't accept new people, which would divided the costs of medical care among fewer people, the report said. Last year, the state accepted a rate increase ranging from 18 to 25 percent for each policyholder, and the 9.9 percent hike would have been the second within a year.
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Mr. Franchini denied this rate request because it did not "support the medical trend," according to the report.
The rate increase would have impacted policyholders who are in "closed block" plans that don't accept new people, which would divided the costs of medical care among fewer people, the report said. Last year, the state accepted a rate increase ranging from 18 to 25 percent for each policyholder, and the 9.9 percent hike would have been the second within a year.
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