WellPoint (WLP) CEO Defends Huge Rate Hikes
By Daniel James Hayden IV
February 24, 2010 12:25 PM
February 24, 2010 12:25 PM
The President and CEO of insurer WellPoint Inc. (NYSE: WLP) defended her company's planned rate hikes before a congressional committee today.
Angela Braly told members of a House Energy and Commerce subcommittee that rising health care costs and people dropping out of the health care system were the reasons behind her company's planned rate hikes.
WellPoint recently announced that thousands of Anthem Blue Cross' California customers were going to see insurance rates hiked by as much as 39%.
After an uproar followed the announcement, the company said that it would delay the rate hikes for a few months but some customers have reported that they have already received rate hikes as high as 69%.
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