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PENNSYLVANIA'S BLUE CROSS AND BLUE SHIELD SYSTEM FINANCIALLY SOUND; SENATE INVESTIGATION FOCUSING ON PLANS IN OTHER STATES

PENNSYLVANIA'S BLUE CROSS AND BLUE SHIELD SYSTEM FINANCIALLY SOUND;
 SENATE INVESTIGATION FOCUSING ON PLANS IN OTHER STATES
 CAMP HILL, Pa., July 22 /PRNewswire/ -- Pennsylvania's Blue Cross and Blue Shield Plans, confirming a report released last week by the state Insurance Department, are financially sound and maintain substantial reserves to cover subscribers' claims, a spokesperson for the Plans announced today. The statement follows growing attention to media reports this week of a U.S. Senate investigation of the nation's Blue Cross and Blue Shield system.
 "We wanted to alleviate any concerns of our customers regarding reports of some Blue Cross and Blue Shield Plans facing possible financial difficulties," said Douglas Smith, director, corporate affairs for Pennsylvania Blue Shield. "Each of the four Blue Cross Plans in Pennsylvania, and Pennsylvania Blue Shield, are on very good financial footing and in excellent shape to continue serving our policyholders. For the 6.8 million Pennsylvanians who depend on us, this is important information to know."
 The state Insurance Department, upon completion of a 14-month review of the five Plans, released a similar announcement last week. During the same period, the Senate Permanent Subcommittee on Investigations began its study of Blue Cross and Blue Shield Plans in various states.
 The state's four Blue Cross Plans include Blue Cross of Northeastern Pennsylvania, Blue Cross of Western Pennsylvania, Capital Blue Cross and Independence Blue Cross.
 /delval/
 -0- 7/22/92
 /CONTACT: Brian Herrmann of Pennsylvania Blue Shield, 717-763-3319/ CO: Pennsylvania Blue Cross and Blue Shield ST: Pennsylvania IN: INS SU:


MP -- PH011 -- 1709 07/22/92 09:06 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
Words:262
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