Scott Serota,President and CEO of the Blue Cross and Blue Shield Association,a trade group representing 39 independent,community-based and locally operated health insurers,says they're gonna work very hard to make sure these laws do what they're supposed to do.Provisions of the bill are inflationary,so they're gonna have to find new and more innovative ways to make health care more affordable.Health insurance is a very low margin business.They're gonna have to pass some of the new expense on to consumers.
A health insurance company's profits are very small.A blue plan's profits are only 1.5-2%.It's a very low margin business.They need to focus on health care cost containment over the next 2-3 years to ameliorate the increase in premiums,Mr.Serota believes.
The BCBSA has an 80 year history.Based in Chicago,its member plans insure about 100 million Americans,or one in three.It is the oldest and largest family of health insurers.Wellpoint owns several of the plans.
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