LANSING — Gov. Rick Snyder proposed sweeping changes the state’s largest insurance company, Blue Cross Blue Shield of Michigan, unveiling a plan today that would change the company to nonprofit status.
In a press conference Tuesday morning, Snyder announced his plan would require the currently private non-profit company to pay about $1.5 billion in the next 18 years to a new organization that will fund programs promoting public health and healthy lifestyles, although specifics still are to be determined.
“This really allows Blue Cross Blue Shield to join (the public) marketplace and be treated like the other insurers,” Snyder said.
Currently, Blue Cross Blue Shield is considered the “insurer of the last resort,” but if approved, the new laws and plans will make the entire insurance market a source for people struggling to be insured.
The plan requires the approval of the legislature and Blue Cross Blue Shield’s board of directors before it could take effect.
Keep checking The State News for more on this developing story.
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