BlueCross BlueShield Refunds $1.3 Million In Rate Increases
BlueCross BlueShield of Montana has refunded over $1 million to thousands of Montana university students.
State Auditor Monica Lindeen’s office questioned the justification for the company’s rate increase for the 2014/2015 student plan.
"Blue Cross agreed to lower the increase voluntarily and returned premium payments to Montana University System students. Thankfully we were able to get that money back for students which totaled around $1.3 million."
Over 5,600 students received refunds. Lindeen recommends students always shop around for health insurance that best suits their needs.
"Don’t just assume taking the university’s health plan is the best choice for you. It may be, but you also want to consider your other options: looking at healthcare.gov, if you can stay on your parents’ plan that’s obviously a plus."
Lindeen reminds those using student loans to pay health insurance premiums to also consider the long term interest costs of that approach.