Anthem Blue Cross President Quits After Rate Hike Fight
LOS ANGELES (AP) _ The president of Anthem Blue Cross in California is resigning after an attempted rate increase that became President Barack Obama’s poster child for out-of-control health care costs.
Leslie Margolin, who led the state’s largest for-profit insurer for more than two years, said Tuesday she will go into health care consulting.
In April, Anthem withdrew rate increases as high as 39 percent after public outrage and rebukes from Obama. The insurer now plans to raise premiums an average of 14 percent for individually insured policies, capping hikes at 20 percent.
Anthem Blue Cross’ parent company is Indianapolis-based Wellpoint Inc. In a statement Tuesday, the company thanked Margolin for her leadership.