Update: 2 consumer groups disputing and want financial information relative to health care insurers in Washington...as the study finds 2.2 billion in cash surplus...if this is true I don't even want to think about how much California insurers might have.....insurers claim the figures are not correct...BD
Two consumer advocacy groups in Washington are criticizing billion-dollar cash reserves held by the state's big three health insurance carriers and seeking big changes to the industry, including government-sponsored plans.
Regence BlueShield, Premera Blue Cross, and Group Health Cooperative nearly tripled their cash surplus in four years, from $833 million in 2002 to about $2.3 billion by 2006, according to financial records submitted to state regulators and included in a study on health insurance.
"The amount of money these guys are socking away begs that someone start holding them accountable," said Joshua Welter, of the Washington Community Action Network, a sponsor of the study. "We need a public answer to this problem, because the big bottom lines haven't equaled better coverage for folks."