Blue Cross, state settle health insurance rates

LANSING (AP) -- The state and Blue Cross Blue Shield of Michigan have reached a settlement related to rates charged to about 200,000 people who buy their own health insurance. The settlement announced Tuesday will allow Blue Cross to raise rates between roughly 7 percent and 9 percent, depending on the product. Blue Cross says those rates are below costs and it will continue to lose money on the products. Blue Cross had sought far higher rate increases on some of the products covered by Tuesday's settlement, typically bought by people under 65. The settlement was reached between Blue Cross, the Office of Financial and Insurance Regulation and Attorney General Bill Schuette. Published: Thu, Feb 24, 2011