More than 261,000 small business employees and thousands of small business owners can expect to see a rate cut of 1.3 percent thanks to Blue Cross. The cut is pending an approval from the state insurance department but will affect businesses looking to renew their health insurance in the second half of this year. Last year the insurance company increased small business group rates by an average of 2.9 percent but with the launch of the BCBS personal choice product, average premium costs are decreasing.
BCBS recently released a statement to the press to address the recent news. Here is a snippet from the statement, “”Offering our customers reliable products at affordable price points is a priority for Blue Cross. We’re very pleased that this year’s good news comes fast on the heels of last year’s rate moderation and the rate reductions we announced the year before.”
Business owners have voiced reactions after the BCBS news inclding Greg Packer, CEO of Access Point. “This is an example of why Blue Cross is a great partner for AccessPoint here in Michigan,” Packer said in a statement to Crain’s. “Their commitment to health among their members, collaboration with health care providers, and result of their commitment to cost containment is paying off where it counts. We are excited to continue partnering with Blue Cross.”