Health insurance corporation ups premiums 17% in Wisc.

The health insurance industry has once again reminded the American public why we ever started talking about health insurance reform in the first place. A new report shows that WellPoint ‘€“ the nation’€™s largest health insurance corporation by membership ‘€“ will increase premiums in Wisconsin by 17 percent.The report by the Center for American Progress in fact shows that in 11 of the 14 states where Wellpoint operates Blue Cross Blue Shield, ‘€œdouble-digit hikes have been implemented or are pending.’€ Wisconsin is among the states facing double-digit hikes where ‘€œcertain individual health plan rates are expected to increase 17.2 percent.’€ In California, rates will go up by as much 39 percent.

And all this in the face of record profits by the health insurance industry:

‘€œRecent earnings reports show that the health insurance industry has been doing well overall despite the downturn in the economy. The nation’€™s five largest health insurers increased their profits by 56 percent in 2009 to $12.2 billion.’€

The report by the Center for American Progress offers another great look at the injustice in the current health insurance industry and underscores the need for health insurance reform.

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