Blue Cross Blue Shield Oklahoma has proposed a 76% increase on all individual plans that comply with the Affordable Care Act, according to reports.
The proposed increase comes on the heels of a $3 million fine slapped by the Oklahoma Insurance Commissioner on the company for supposed poor customer service, said to be the largest in state history.
“We found some issues, some things that are very troubling for consumers,” Oklahoma Insurance Commissioner John Doak said.
Specifically, the commission has uncovered issues with the manner with which Blue Cross handled billing and claims handling concerns. The commission gave Blue Cross a year to address the said issues.
“We expect immediate action for consumers of Oklahoma, we expect for them to be responsive we expect for them to raise their customer service level sustainably in all areas in all 77 counties in the State of Oklahoma.”
If the company successfully fixes the problems identified by the Insurance Commission, the fine will be revoked.
Allegations that the company’s top executives received $20 million in raises and additional compensation last year are also flying.
In a statement, however, Blue Cross defended the proposed hike by saying “Although more Oklahomans receive health coverage than ever before, BCBSOK has experienced significant losses in the retail market. Since 2014, combined losses are more than $300 million.”
Addressing the issue of compensation, Blue Cross explained, “Our compensation is consistent with industry standards and incentive packages are directly tied to the overall performance of the company, not just financials.”
