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Article: Blue Cross says Medex caused $17m loss in first quarter
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- May 24, 1995
- Author:
CopyrightCopyright 1995 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Blue Cross Blue Shield of Massachusetts yesterday reported a $17
million loss in the first quarter from its Medex insurance products
for seniors. That's up 40 percent from a loss of $12 million on the
insurance line in the same period last year.
Blue Cross says the lion's share of the losses stemmed from its
Medex Gold product, a health plan that supplements the federal
Medicare program for senior citizens. Medex Gold pays for what
Medicare doesn't and is popular because it offers free unlimited
prescription drugs.
More than 132,200 seniors in Massachusetts subscribe to Medex
Gold at a rate of $149.67 a month.
"This is a tragic situation," said Manny Weiner, legislative
director for the ...