SACRAMENTO — California's insurance watchdog said Thursday that Anthem Blue Cross has agreed to reduce its rate increase for 630,000 policyholders.
Insurance Commissioner Dave Jones announced Anthem has voluntarily agreed to reduce its premium increase for the individual market after his department conducted a review.
Jones estimated the move will save policyholders $54 million.
The insurer had proposed an average increase of 17.9 percent, but is now reducing that to 13.8 percent. The rate increase was effective Feb. 1.
Jones lauded Anthem's move as health insurance premiums continue to soar. Even with this decrease, Jones said Anthem policyholders still experienced an average 22 percent rate increase in the previous 12 months.