Concerned that a new nonprofit Blue Cross Blue Shield of Michigan might bleed dry its assets by sending them to for-profit subsidiaries, a state lawmaker is proposing it write a $500 check to each Michigan citizen before the insurer is allowed to transform its current business structure.
"I'm not sure if $500 is the right number, but I'm putting it forward," said state Rep. Tom McMillin, R-Rochester Hills.
For 30 years, the Blues in Michigan has been considered the insurer of last resort, a special status that exempts it from paying about $100 million in local and state taxes every year, but requires it to extend coverage to everybody, whatever their health status.
Additionally, the Blues' rate hikes are subject to oversight by the state's attorney general.
Under the plan put forth in September by Gov. Rick Snyder, the Blues would be turned into a nonprofit mutual insurer, be regulated like other insurers, and lose its tax-exempt status. Blue Cross officials have said the change is crucial with health care reform on the horizon. http://www.freep.com/article/20121124/NEWS06/311240036/Blue-Cross-payment-of-500-to-Michigan-residents-proposed?odyssey=mod|newswell|text|FRONTPAGE|p
So, because of ObamaCare, in Michigan, an insurance company that used to take in everybody now has to cut back and some people will no longer be insured by Blue Cross and Blue Shield..
Aren't you glad, Democrats?
And what about Obama, the moron who promised no one's insurance would change. Obama lied again.