Blue Shield's operations are indistinguishable from those of its for-profit healthcare competitors, the auditors found, and it should be stripped of the tax break it has enjoyed since its founding in 1939.
Fox's David Asman Is Horrified That Blue Shield Of CA Is Pledging To Cap Profits At 2% And Return Money To Policyholders
After as Susie wrote about here back in January, Blue Shield of California was seeking to hike their rates as much as 59%, it looks like they've now backtracked and are going to return $167 million to policyholders. Naturally this horrified Forbes on Fox host David Asman and some of his fellow panel members who opened his weekend show on Fox News like this:
When Blue Shield of CA tried to pull a big increase like this not too long ago, they described themselves as a "non-profit" whose profit was "only" two percent. (Always misleading to use percentages instead of numbers -- from looking at their