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Blue Shield of California drops controversial rate hike proposal
The Hill

Blue Shield of California ended a drawn-out battle over rate hikes on Wednesday by withdrawing its proposal to increase premiums in the individual market following an avalanche of political criticism. Instead, the health insurer announced that it will keep rates flat through the rest of the year for its 340,000 individual and family plan members. The company said in a statement Wednesday that the decision would save consumers $35 million to $40 million this year, while costing the company tens of millions of dollars.