Tag Archives: Blue Shield
Nonprofit Blue Shield Accused Of Backing Out Of $140-Million Charity Pledge
by Chad Terhune, Los Angeles Times
Blue Shield’s corporate conduct has come under intense scrutiny for the past year after officials revoked its longtime state tax exemption. Auditors at the California Franchise Tax Board criticized the insurer for stockpiling “extraordinarily high surpluses” of $4 billion and for failing to offer more affordable coverage as a nonprofit. California Insurance Commissioner Dave Jones is also investigating Blue Shield’s disclosures on executive compensation. Read More ›
Why Did It Take 7 Months To Learn Blue Shield Lost Tax-Exempt Status?
by Chad Terhune, Los Angeles Times
California Insurance Commissioner Dave Jones on Wednesday applauded the [California Franchise Tax Board’s] move as further proof that “Blue Shield charges excessive rates and acts like a for-profit insurer.” Now consumer groups are asking for legislative hearings into the tax board’s handling of the Blue Shield matter. … State Sen. Ed Hernandez (D-West Covina), Senate Health Committee chairman, said he too wanted more answers from the franchise tax board and welcomes a debate over whether Blue Shield is meeting its obligations to taxpayers. Read More ›
With Billions In The Bank, Blue Shield Of California Loses Its State Tax-Exempt Status
by Chad Terhune, Los Angeles Times
Anthony Wright, executive director of Health Access, said the tax board’s decision could have a significant effect on the debate over Blue Shield’s future and on health policy statewide. “It’s important to have this debate over Blue Shield’s public-service mission and how they are fulfilling it,” Wright said. “What would a white-hat insurer look like?” … Some consumer groups have also questioned whether certain Blue Shield spending is out of line with its nonprofit mission. Read More ›