Petition updateAct like a real nonprofit or give the public back its $10 billionBlue Shield refuses to use stockpile of profits to lower rates

Michael JohnsonLos Angeles, CA, United States
Mar 29, 2015
In its fourth article since we launched our petition campaign, the Los Angeles Times yesterday focused on Blue Shield’s high rates and its refusal to use any of the $4.2 billion in profits it has stashed away to lower them. According to a Blue Shield executive, “It’s unreasonable to think we would tap the company's savings account to artificially lower our rates."
Unreasonable? That “savings account” is mostly the profit reaped by charging excessive rates. Since Blue Shield is a nonprofit and legally required to operate for public good, using that money to lower rates or otherwise benefit the public is not only reasonable; it’s what Blue Shield is supposed to do. Instead, they plan to spend $1.25 billion to boost their market share by acquiring another health insurer.
Not surprisingly, my petition demanding that Blue Shield give back to the public all of the profits and other wealth they’ve accumulated is gaining steam. In less than two weeks, we’ve got almost 10,000 signatures. Please help keep up the pressure on Blue Shield by spreading word of the petition on Twitter and Facebook with the links below.
Twitter: http://ctt.ec/3eb04
Facebook: http://tinyurl.com/no5km6z
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