Report: Blue Cross Raked In More Than $1 Billion In 2010 Profits

CHICAGO (CBS) — A report Monday morning says the parent company of Blue Cross Blue Shield of Illinois doubled its profit last year to more than $1 billion.

As WBBM Newsradio 780’s Bernie Tafoya reports, an expert quoted by Crain’s Chicago Business estimates the insurance giant is raising its rates this year by 3 to 10 percent, after boosting them by 20 percent last fall.

That means profits keep rolling for Chicago-based Health Care Service Corp., the parent company of Blue Cross.

LISTEN: Newsradio 780’s Bernie Tafoya reports

Crain’s reports the company is on pace to eclipse its profit last year.

As profits go up, the company continues to reward top executives. Health Care Service Corp. chief executive officer Patricia Hemingway Hall was paid $8 million last year, Crain’s reported.

  • My Two Cents

    Good for them. I’m glad someone is profiting in this economy. Don’t fault them because they have good management.

    • Mike Leahy

      Good management is not bribing politicians so that your company can steal from their customers.

    • jeff

      I thought they were not for profit?

  • tom sharp

    Hey @cents, that’s what your opinion is worth! They make money because they lobby politicians and get the approval to raise rates. It’s time for O’Bama, et al. to dig in a make their new healthcare system work for the public, not the fat cats and politicians.

  • What?!?

    Question. Doesn’t the new health care law (Obamacare), force people to purchase health insurance, or be fined by the government via the IRS? If so, won’t “Obamacare” herd people like cattle to these companies, so we will continue to be at their mercy, rate raises, etc.?

    I mean, I guess we are at their mercy anyhow, since the only alternative is to go without health insurance, but it just seems to be that we are at the mercy of these companies.

    Maybe the solution to rising healthcare costs isn’t in health insurance companies, but someplace else.

    I’m not attacking anyone, I’m just curious and wondering if my thought process is all wrong.

  • Lucy

    Wasn’t some of the sales pitch for healthcare that it would be more affordable for people. With increases in my BC/BS like this but no increase in my income, I’m missing the “affordable” part.

  • Jane

    They make a profit because they don’t pay there part of the bills worst insurance company I ever had.

  • Raymond Prudente

    For years, statistics have depicted growing income disparity in America has reached level not seen since the great depression. Tax cut for the wealthy and the evolution of CEO grandeur from very comfortable to jet-setting-reflect the gap between those with the highest incomes and everyone else is widening. As million of Americans struggle to find jobs in the wake of recession, the notion that the very wealthiest are gaining ground strikes most of us unfair, immoral and undemocratic. While the middle-class are paying more taxes than the rich.

  • mike

    @ my two cents:YOU”RE A FREAKIN’ MORON!!!!
    @ Jane: I agree Blue Cross SUCKS
    @ Raymond Prudente: Thank you for an INTELLIGENT post sir!

  • Chivi

    I want my refund!!!!

  • Jim

    My insurance has gone up 30% in the last 3 years and they pay less and less when I file a claim. That’s the way you make a profit, just say it’s not covered>

  • bill s.

    Blue Cross never paid for the testicle transplant I had as a kid. My dad had to sell his 55′ Chevy convertible to pay for it.

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