(LOS ANGELES) -- Thousands of Blue Shield individual policyholders could see their insurance rates increase by as much as 59 percent on March 1, The Los Angeles Times reported Wednesday.
The California-based health insurer attributes the hikes to rising healthcare costs and expenses stemming from newly enforced healthcare laws.
If implemented, a total of 193,000 policyholders would have their rates increased by an average of 30 to 35 percent. Out of that total, about one-in-four customers would be faced with cumulative increases of more than 50 percent throughout a five month time period.
Blue Shield policyholders, including Michael Fraser of San Diego, were notified of the successive rate hikes. After reviewing the notice, Fraser learned that his monthly bill would go up from $271 to $431, an increase of 59 percent.
California insurance commissioner Dave Jones' office is reviewing the proposed increases.
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