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